- Reports hint at the SEC’s preliminary approval of at least three of the eight ETH ETF applications.
- ETF analysts James Seyffart and Eric Balchunas predict the potential launch of Ether ETFs on July 23.
- BlackRock, VanEck, and Franklin Templeton are more likely to be greenlit by Monday.
The Securities and Exchange Commission (SEC) appears ready to greenlight the first-ever Spot Ether exchange-traded funds (ETFs), a development that could open the floodgates for mainstream cryptocurrency investing. Sources suggest the regulatory body has given the initial nod to at least three of the eight ETF applications currently under review, with a potential launch as early as next week.
Bloomberg’s Senior ETF Analyst, James Seyffart, discussed the potential July 23rd launch of Ether ETFs on X (formerly Twitter).
Seyffart’s statement was a response to a post by fellow Bloomberg ETF analyst, Eric Balchunas, who, referencing ETFStore President Nate Geraci, noted the SEC’s request for final S-1 forms by Wednesday. If these submissions are satisfactory, the SEC will issue a formal effective date for the ETFs on July 22nd, raising the possibility of the first Spot Ether ETF launching on Tuesday.
Industry experts believe the SEC is likely to approve BlackRock, VanEck, and Franklin Templeton by Monday. Sources familiar with the matter say all eight ETF issuers are expected to launch their products simultaneously.
In anticipation of the ETF launch, Ether has been rising, mirroring broader market trends. Currently, Ether is trading at $3,466, with a more than 4% increase in a day. Over the last week, ETH has experienced a more significant gain of 13%, despite a monthly decline of 2.58%.
The crypto market has found a surprising catalyst for bullish sentiment in the wake of two seemingly unrelated events: the German government’s large-scale Bitcoin selloff and the foiled assassination attempt on former President Donald Trump. Notably, the assassination attempt on the pro-crypto Trump has served as a reminder of Bitcoin’s potential as a safe haven asset. Coupled with the anticipation surrounding the potential launch of Ether ETFs, these events have injected a renewed sense of optimism into the crypto market.
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