Analyst predicts Ethereum ETFs may launch in July
According to Bloomberg analyst, Eric Balchunas, spot Ether (ETH) exchange-traded funds (ETFs) are expected to hit the U.S. market in July. Balchunas revised his prediction for the official launch date of spot Ether ETFs to July 2. He mentioned that the U.S. Securities and Exchange Commission (SEC) had provided feedback on the S-1 filings to issuers, which was described as “fairly light” without any major concerns.
There is a possibility that the ETFs could be declared effective in the following week, potentially before the upcoming holiday weekend. Balchunas emphasized that while there are no guarantees, this is the current best estimate. SEC Chairman Gary Gensler recently addressed the topic of ETH ETFs during his testimony to Senator Bill Hagerty, indicating that he anticipates the approval of spot Ethereum ETFs by the end of the summer.
Balchunas also noted that the issuers of spot Ethereum ETFs were awaiting feedback from the SEC’s Division of Corporation Finance (Corp Fin) on their S-1 filings, which were submitted two weeks prior. He explained that the delay was due to Corp Fin reviewing these documents for the first time, suggesting a sudden shift within the SEC that caught them off guard.
Despite the progress, some experts believe that Ethereum ETFs may not garner as much interest as Bitcoin (BTC) ETFs due to the absence of staking capabilities. SEC Commissioner Hester Peirce, known as “Crypto Mom,” has expressed doubts about the SEC’s treatment of Ethereum, citing historical categorization of Ethereum as a security, unlike Bitcoin which is considered a commodity.
The approval process for Ethereum ETFs marks a significant milestone for the cryptocurrency industry. The SEC recently approved eight 19b-4 filings, paving the way for the listing and trading of new securities. However, trading of these ETFs cannot commence until they receive the necessary approvals for their S-1 registration statements.
As the cryptocurrency community eagerly awaits the approval of Ethereum ETFs, the SEC continues to review the S-1 registration statements filed by ETF issuers. At present, the price of Ethereum (ETH) is around $3,562.97, with a 2.5% increase in the last 24 hours. Despite this, the world’s second-largest cryptocurrency is still down by 3.5% on the weekly timeframe, according to CoinGecko data.
