Exciting Developments in the Crypto World 🚀
On May 23rd, the U.S. SEC approved eight ETF 19b-4 application forms from top financial institutions like BlackRock, Fidelity, Grayscale, ARKInvest, VanEck, Invesco Galaxy, and Franklin Templeton. This move sparked speculation about the listing and trading of Ethereum ETFs. While it took years for Bitcoin ETFs to be listed on the NYSE, experts believe that Ether ETFs will have a faster journey to market.
‘2-3 Months Max’ ⏳
Bitcoin futures ETFs were approved in October 2021, but the SEC took over two years to greenlight their listing on major stock exchanges. Nate Geraci, President of ETF Store, believes that the SEC has completed the groundwork by approving Spot Bitcoin ETFs and ETH futures ETFs. This sets the stage for a quicker approval process for Ether ETFs.
- Lipper Alpha Insights mentions that the SEC approved a rule change on January 10, 2024, allowing exchanges to list ETH ETFs after the 19b-4 forms were approved in May.
- Geraci predicts that ETH ETFs could be listed in the ‘next few weeks’ or ‘2-3 months max’ based on the SEC’s timeline.
‘July 4th Maybe?’ 🎆
Eric Balchunas, senior Bloomberg ETF analyst, humorously suggests that the SEC could decide on listing ETH ETFs before or after July 4th. With most regulatory barriers cleared by previous Bitcoin ETF approvals, this timeline could align with Independence Day celebrations.
Expected Lesser Time Than Bitcoin ETFs ⏰
James Seyffart, a Bloomberg Intelligence expert, emphasized during a Bankless HQ podcast interview that the approval timeline for Ethereum ETFs remains uncertain. It could take weeks to months for the SEC to approve the necessary S-1 forms for trading. Similar to Bitcoin ETFs, the process may take around three months or possibly even less for Ethereum ETFs.
Price of Ethereum Now in the Crypto Rally 📈
The anticipation of Ethereum ETFs has fueled bullish sentiment in the market. Ethereum’s price has surged to $3,932, marking a 3.4% increase in 24 hours and a 35% rise over the past two weeks. Former President Donald Trump’s positive statements on crypto have also contributed to the confidence in digital assets.
Crypto market-making firm QCP Capital observes, “Market participants are showing bullishness towards ETH rather than BTC, especially with potential institutional demand once the ETH spot ETF launches.”
Hot Take 🔥
The approval of Ethereum ETFs by the SEC is eagerly awaited by the crypto community. As experts predict a faster listing process than Bitcoin ETFs, the market remains optimistic about the potential institutional demand and positive price movements for Ethereum. Stay tuned for more updates on this exciting development!
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