Ethereum Spot ETF Approval Nears
As the final approval of the U.S. Securities and Exchange Commission (SEC) nears, the highly anticipated launch date for the spot Ethereum ETF has been pinpointed at July 23. An important milestone for cryptocurrency investment vehicles has been reached according to Bloomberg analyst James Seyffart.
This was revealed upon review of several SEC iterative 19b-4 form revisions aiming at approving the process with the issuers being asked to deliver their final S-1 registration statements by next week Wednesday.
Strategic Launch Timing
The launch date for the Ethereum spot ETF aligns with some key cryptocurrency events like The Bitcoin Conference in Nashville, according to our information. This timing has been well chosen, so to attract and focus consumers’ attention. According to SEC Chair Gary Gensler’s announcement made recently, it is evident that the Ethereum ETF approval procedure is on course hence being a major step towards the rise of institutional money within the crypto space.
Market Impact & Investor Interest
Ethereum’s price increased by more than 7% after the announcement was made, hitting $3,433. According to CoinMarketCap, in the last week alone ETH price has increased by 14%, while in the past year, it has risen by 77%.
According to Michael Van de Pope, an analyst, new Ethereum exchange-traded funds may have significant implications for Bitcoin. Michael Van de Pope, a financial analyst, implied that Ethereum could surpass Bitcoin concerning performance if more Ether ETFs were launched. This is a concept that a lot of people in the finance sector hate. Regulatory-compliant cryptocurrency investments are now popular among financial advisers and major players in the market are in need of them.
According to Van de Pope, it is expected that this can attract up to 0.75%-1% of total supply within 5 months as they begin rolling out; with a potential market expansion. Analysts have noted demand from both retail and large-scale buyers such that these digital assets will be purchased alongside bonds or as a substitute for traditional safe-haven assets.For more such informative updates, head on to ReadingCrypto!
Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
