Ethereum
Good news for Ethereum (ETH) ETFs in the US, but with a catch: Balchunas from Bloomberg
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 have been on the next digital asset in line – Ethereum.
Although the landscape didn’t look promising at first, it changed several weeks ago when, somewhat surprisingly, the agency gave the green light to eight Ethereum spot ETFs. However, the launch date is still unknown.
When spot BTC ETFs were approved by the securities regulator, they went live the very next day, which caused tons of volatility, but has been one of the most bullish developments in the sector since then.
The situation with Ether ETFs is quite different. Although they have been technically approved, there are some irregularities in most of the S-1 filings and the question of whether they will allow staking, which is a major part of the Ethereum ecosystem. This is why the launch date remains a mystery.
According to Eric Balchunas, an ETF expert at Bloomberg, there is some good news on this subject, since Commission staff have recently made only minor comments on S-1 applications.
He thinks there’s a good chance the documentation will be processed within the next ten days, so they can “get it off their plate” before the July 4 holiday in the United States. In other words, Balchunas suggested that Ethereum ETFs could see the light of day by July 2.
Recall that the price of BTC experienced a massive roller coaster in the first days following the launch of the ETFs. Since then, however, these financial vehicles have attracted billions of dollars and propelled a price surge to a new all-time high for the underlying asset.
ETH also saw impressive gains ahead of the ETF Approvalsbut there will likely be many fluctuations once they go live for trading.