Ethereum ETF Launch Date Confirmed: SEC Greenlights Trading for July 23
The post Ethereum ETF Launch Date Confirmed: SEC Greenlights Trading for July 23 appeared first on Coinpedia Fintech News
The Securities and Exchange Commission (SEC) has given the green light to issuers of spot Ethereum (ETH) exchange-traded funds (ETFs), allowing these funds to begin trading next Tuesday. This is the moment for ETH to enter the market with a probability of higher adoption.
Here’s the insight into today’s mega update.
Ethereum ETF Launch
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, confirmed the development through his X post. Balchunas mentioned that barring any unforeseen issues, the SEC has asked issuers to finalize their S-1 documents by Wednesday, with a trading launch set for July 23.
Once listed, the spot ether ETFs are anticipated to attract significant investment. Crypto exchange Gemini predicts these ETFs could see inflows of up to $5 billion within the first six months. Additionally, Steno Research forecasts potential inflows of up to $20 billion within the first year of trading.
According to sources familiar with the matter, the SEC has no further comments on the recently submitted documents, signaling a clear path forward for the ETFs.
Notable issuers such as VanEck and Invesco Galaxy are expected to launch their ETFs next week. Market analysts predict substantial inflows into these funds, with estimates ranging from $5 billion in the first six months to $20 billion in the first year.
Expert Opinion
According to Nate Geraci, crypto assets are gaining popularity among institutional investors and financial advisors. Ethereum might follow Bitcoin ETFs’ success, he said, despite market conditions.
Raising the standards, crypto expert Michaël van de Poppe noted that recently, Ethereum outperformed Bitcoin and believes that the Ethereum ETF might boost its market domination.
ETH Price
There is a euphoria in marker after the news, Ethereum’s price, went up by 7.3% on Monday, outpacing Bitcoin’s 6% gain. This surge contributed to a broader market uplift. Ethereum is also showing bullish trends above its 50-day and 200-day EMAs. Breaking above the $3,471 resistance could lead to $3,835, while a drop below the 50-day EMA may target $3,244. The RSI at 59.75 suggests a rise to $3,835 before becoming overbought.
The approval of the ETH ETFs is seen as a major milestone for the crypto market, potentially leading to increased institutional investment and greater market stability. Last week, in anticipation of SEC spot ETF approval, an Ethereum whale bought 10,545 ETH worth $33.29M. Creating a storm and positive sentiment in the downmarket. ETH is currently trading at $3,487. Keep an eye on US ETH-spot ETF market updates.
