Ethereum
These 5 Ethereum Spot ETFs Set to Launch on July 23: CBOE
The Chicago Board Options Exchange (CBOE) has confirmed the launch of spot Ethereum exchange-traded funds (ETFs) next week.
The cryptocurrency market is about to hit a major milestone as Ethereum spot ETFs are set to begin trading on the CBOE next week.
CBOE revealed the information in the latest “New Announcements” notice on its website, confirming the launch of five Ethereum (ETH) ETFs. These include:
- 21Shares Core Ethereum ETF (CETF)
- Fidelity Ethereum Fund (FETH)
- Franklin Ethereum Exchange Traded Fund (ETF) (EZET)
- Invesco Galaxy Ethereum ETF (QETH)
- VanEck Ethereum ETF (ETHV)
According to the notification, trading of these highly anticipated ETFs will begin on July 23, subject to regulatory approval.
The proposed ETFs will track ETH, the native token of the Ethereum blockchain, which is the second-largest cryptocurrency with a market capitalization of $420.8 billion, behind only Bitcoin’s market cap of $1.1 trillion.
ETH price hasn’t reacted much to the news so far, rising just 0.8% over the past 24 hours. Trading volumes have also declined by 15.5%, with around $13.3 billion worth of ETH traded since yesterday.
Ethereum 24-hour price chart | Source: CoinGecko
The development follows months of speculation and revised forecasts from industry analysts.
The buzz on social networks
More recently, anticipation for the launch of spot Ethereum ETFs has been playing out on social media. For example, on July 14, Nate Geraci, a prominent voice in the ETF space, expressed confidence in the imminent approval, citing no apparent reason for further delays and emphasizing that issuers were ready for the launch.
Welcome to Spot ETH ETF Approval Week…
I call him.
I don’t know anything specific, I just can’t think of a good reason for a further delay at this point.
The transmitters are ready for launch.
— Nate Geraci (@NateGeraci) July 14, 2024
Following this, on July 15, Bloomberg senior ETF analyst Eric Balchunas reinforced Geraci’s prediction, informing his followers that the SEC had reached out to issuers to finalize the documentation and request an effective launch on Tuesday, July 23, assuming no “unforeseeable last-minute issues” arise.
Update: Nate’s instincts were right, he learned that the SEC finally responded to issuers today, asking them to return the final S-1s on Wednesday (fees included) and then request entry into effect Monday after the close for a LAUNCH TUESDAY 7/23. This is assuming there are no unforeseen last minute issues of course! https://t.co/D21FD9Qf94
— Eric Balchunas (@EricBalchunas) July 15, 2024
Balchunas’ earlier forecast suggested the ETFs could begin trading as early as July 2. However, he later adjusted his prediction to July 18, which closely matches the new official launch date.
Two months ago, the Securities and Exchange Commission (SEC) appears to have put the brakes on Ethereum ETF approval, using the same arguments it used to delay spot approval Bitcoin ETFThe regulator said there were concerns about potential fraud and investor protection regarding spot Ethereum ETFs.
However, the CBOE confirmation signals a promising move forward for the cryptocurrency market. Their performance and demand will be closely watched, as their success could pave the way for more crypto ETF filings in the future.
This approval coincides with the significantly improved performance of Bitcoin spot ETFs, which recorded a significant net inflow of $17 billion, highlighting the growing acceptance of cryptocurrency investments by the mainstream.