Exciting Developments in the World of Ethereum ETFs! 🚀
Big news in the world of cryptocurrencies! On May 22, Bloomberg ETF analyst James Seyffart shared some exciting updates. Five potential issuers of ETH ETFs have submitted their amended 19b-4s to the Securities and Exchange Commission. This move indicates significant progress towards the approval of Ethereum-based Exchange-Traded Products (ETPs).
Not So Fast 🛑
The recent flurry of activity was prompted by an advisory from the SEC, setting a deadline for revised 19b-4 forms submissions by May 21. These forms are crucial for ETF issuers and exchanges looking to introduce new products, such as the proposed spot Ethereum ETPs.
- May 23 marks the first final deadline for SEC approval or denial of the VanEck spot Ethereum ETF.
- Although the filings are a positive sign, actual launch timelines are uncertain.
- Approval orders on all 19b-4s followed by regulator approval of S-1 applications are necessary steps before ETFs can hit the market.
ETH Price Outlook 💰
Amid the ETF anticipation, Ethereum prices surged past $3,800 on May 21, maintaining momentum at $3,750. The digital asset has recorded a remarkable 31% gain in the past week, with a significant portion achieved in just one day. Contrastingly, Bitcoin struggled to sustain its value, slipping below $70,000 during Wednesday’s Asian trading session.
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