<img src="https://cryptoslate.com/wp-content/uploads/2024/07/ethereum-etf-1.jpg” />
The SEC officially issued its final approval for ethereum spot ETFs on July 22 and the funds’ respective websites are now live.
The ETFs are scheduled to begin trading when U.S. markets open at 9:30 a.m. Eastern Time on July 23.
Eric Balchunas, Senior ETF Analyst at Bloomberg x.com/EricBalchunas/status/1815489137484722333?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet”>confirmed the approvals, saying:
“It's official: SEC has made Spot eth ETFs effective. 424(b) forms are already coming in, final step = all systems go for tomorrow's 9:30am launch. Game on!”
The approval confirms last week’s rumors and opens ethereum to investors seeking regulated exposure. Market experts believe that these funds will attract a significant amount of money from investors who have been hesitant to invest in cryptocurrencies due to regulatory concerns.
Citi recently predicted that ETFs will attract $5.4 billion in the first six months of trading, while more optimistic estimates put inflows at as much as $15 billion.
Most analysts agree that the funds are unlikely to attract the same level of investment as their bitcoin counterparts. However, the launch is expected to catalyze a rally in ethereum, which will also “lift everyone up.”
Meanwhile, CryptoQuant research recently revealed that the amount of eth held on exchanges has fallen to multi-year lows amid anticipation of the ETF launch. Exchange balances are down 10% since the start of the year to 16.9 million ethereum, the lowest level seen since July 2016.
ethereum was trading at $3,480 at press time, according to data from CryptoSlate.
The story is developing and will be updated as more information is released.
The post SEC issues final approval for ethereum spot ETFs to begin trading on July 23 first appeared on CryptoSlate.
