Ethereum ETFs: Dates to Watch for Approval Decisions
With the crypto market in a bearish state, investors are eagerly looking for catalysts that could trigger a price rally. The approval of an Ethereum exchange-traded fund (ETF) is one such event that could have a significant impact. Several investment firms have filed for Ethereum ETFs with the United States Securities and Exchange Commission (SEC), and now it’s up to the regulator to make a decision. The first approval decision is expected within two weeks.
First Ethereum ETF Decision on October 3
The Valkyrie Bitcoin & Ether Strategy ETF (BTF) submitted by Valkyrie Investments in August is the first Ethereum ETF to be decided on. The SEC will announce its decision on October 3, 2023. While they can choose to accept, deny, or postpone the decision, sources familiar with the matter believe that approval is likely.
Important Dates for Other Ethereum ETF Filings
October has several important dates for Ethereum ETF filings. The Bitwise Bitcoin & Ether Equal Wght ETF (BITC) has a deadline of October 9, followed by the Ether Strategy ETF (ETHU) filed by Volatility Shares on October 11. In total, there are 16 ETF filings, with deadlines scattered throughout October.
Implications of an Approved Ethereum ETF
If an Ethereum ETF is approved, it is expected to have a bullish effect on the market. Institutional investors would gain access to invest in Ethereum, leading to billions of dollars flowing into the digital asset. Some filings also reveal plans to purchase Ether, which would significantly impact supply and potentially drive up prices by around 50% or more.
Hot Take: Potential Catalyst for New All-Time High
An approved Ethereum ETF could be the catalyst needed for ETH to reach a new all-time high. Looking at the impact of the first Bitcoin ETF approval, it’s possible that an Ethereum ETF approval could push the price of ETH above $2,000.
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