Ethereum
When can investors buy Ethereum ETFs? Here are four clues – DL News
- Eric Balchunas has updated his odds on when Ethereum spot ETFs will begin trading.
- But that’s not the only sign that funds could start trading very soon.
Ethereum spot exchange traded funds in the US are almost here.
Although an official launch date has not yet been set by the Securities and Exchange Commission, options traders, bettors and analysts are offering clues suggesting they could begin trading within the next couple of weeks.
“The general market consensus is that these ETFs will launch sooner rather than later,” Jamie Sly, head of communications at crypto data firm CCData, recently said DL News.
This is huge for the crypto community.
Ethereum surged 35% to $3,900 in May after the regulator gave the green light to the first stage of applications.
Market watchers hope this rally is just the start of a bigger wave.
The bet is that final approval will allow the cryptocurrency to surpass its all-time high of $4,800 from 2021 – replicating the success of the spot Bitcoin ETFs launched in January.
Gary Gensler of the SEC
SEC Chairman Gary Gensler gave the first hint during a congressional meeting hearing last week.
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“I would consider sometime during this summer,” he said.
Potential issuers are currently moving through the final stage of the application process.
“It works well,” Gensler said.
Eric Balchunas of Bloomberg
Following Gensler’s comments, Bloomberg Intelligence analyst Eric Balchunas estimated that spot Ethereum ETFs would launch by July 2.
“Good chance they work to declare them effective next week and get them off their plate before the bank holiday weekend,” Balchunas tweetedreferring to United States Independence Day, July 4
Bettors
Punters are also becoming more optimistic.
On betting platform Polymarket, the odds of ETFs starting trading on July 4 are jumped up from 28% last week to 76%.
Somewhere else, J.P. Morgan analysts suggest that Ethereum spot ETFs will start trading around July and August ahead of the US elections, as the crypto becomes a political question.
Traders
Traders have invested nearly $240 million to bet that Ethereum will hit an all-time high of $5,000 before the June 28 expiration.
“This positioning is driven by traders who are at the forefront of launching spot ETH ETFs,” Jake Ostrovskis, OTC trader at Wintermute, recently told DL News.
Crypto market players
- Bitcoin is down 2.1% over the past 24 hours to $65,270.
- Ethereum is down 2.5% at $3,500.
What we read
Eric Johansson is the editor-in-chief of DL News. Do you have any advice? Email to eric@dlnews.com.