After the U.S. Securities and Exchange Commission made history earlier this year by approving nearly a dozen spot bitcoin ETFs, all eyes in the community turned to the next digital asset: ethereum.
While the outlook did not look promising at first, it changed several weeks ago when the agency surprisingly gave the green light to eight ethereum spot ETFs. However, the release date is still unknown.
When the securities regulator approved btc spot ETFs, they went live for next-day trading, which caused tons of volatility, but has been among the most bullish developments in the industries since then.
The situation with Ether ETFs is quite different. Although they have technically been approved, there are some irregularities with most of the S-1 filings and the question of whether they will allow staking, which is an important part of the ethereum ecosystem. That's why the release date remains a mystery.
According to Bloomberg ETF expert Eric Balchunas, there is good news on that front, as Commission staff have recently made only minor comments to the S-1 filings.
He believes there is a good chance the paperwork will be handled within the next ten days or so so they can “get it out of the way” before the US July 4 holiday. In other words, Balchunas suggested that ethereum ETFs could see the light of day on July 2.
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Note: Our previous over/under was on July 4th, so this isn't a major change, but 1) we were starting to feel like it would take longer, so that's good news and b) we basically decided on the over/under on where they are most torn. 50-50 on where to bet and July 2nd is that date right now.
– Eric Balchunas (@EricBalchunas) twitter.com/EricBalchunas/status/1801725866592112958?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>June 14, 2024
Remember that the price of btc went on a huge roller coaster ride in the first few days after the ETFs were launched. However, since then, these financial vehicles have attracted billions of dollars and driven a price surge towards a new all-time high for the underlying asset.
eth also made impressive gains before the ETF approvals, but there will likely be a lot of fluctuations once they go live for trading.
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