US Could See Spot Ethereum ETF Trading as Early as July 2, Predicts Bloomberg Analyst
Summary:
Bloomberg analyst, Eric Balchunas, predicts that Spot Ethereum (ETH) exchange-traded funds (ETF) may commence trading in the US by July 2nd, pending Securities and Exchange Commission (SEC) approval. The SEC has previously confirmed the listing of eight Ether ETFs on various US exchanges, but trading cannot start until the S-1 registration statement approvals are in place. The SEC Chair estimates potential trading within the next three months. However, not all market analysts share this optimism.
Bloomberg ETF analyst Eric Balchunas believes that Spot Ethereum (ETH) exchange-traded funds (ETF) could potentially start being traded in the US by July 2nd. In a post shared on June 15, Balchunas mentioned that the initial impressions from the United States Securities and Exchange Commission (SEC) on the S-1 applications of the ETF applicants were not very serious and anticipated a return within the week. Balchunas expressed potential that the applications could be confirmed as effective the following week, before the holiday weekend.
This development indicates a possible change in confidence compared to the previous day when Balchunas shared that Ether ETF applicants were awaiting feedback from the SEC Division of Corporation Finance, which monitors firms' disclosures.
On May 23, the SEC approved the listing of eight spot Ether ETFs on multiple US exchanges. However, they can’t begin trading until the necessary S-1 registration statement approvals are received. SEC Chair Gary Gensler hinted that spot Ether ETFs could potentially start trading within the next three months, by the end of September. However, he also mentioned that the pace at which Ether ETF proposals get approved is contingent upon how quickly issuers respond to comments from the SEC.
While some traders hold the hope that Ether’s price could rise and follow Bitcoin's price trends post-ETF approval, not everyone is equally optimistic. On June 3, Stephen Richardson, a managing director at Fireblocks, suggested that Spot Ether ETFs might not experience the same first-day inflow as spot Bitcoin ETFs did, citing the difficulty in valuing the utility of the Ethereum blockchain.
Published At
6/15/2024 9:12:33 AM
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