The Possible Trading Start Date of Ethereum Spot ETFs
Eric Balchunas, an analyst at Bloomberg, has predicted the potential start date for trading Ethereum spot ETFs in the United States. The Securities and Exchange Commission (SEC) responded to issuers on June 14, giving them a preliminary date for when the ETFs could start trading.
The Anticipated Trading Start Date: July 2
Balchunas, in a recent post on the X platform, proposed July 2, 2024, as the projected date for when Ethereum exchange-traded funds could go live. This update is based on the SEC’s feedback to issuers regarding their S-1 forms, with no significant issues identified.
- Balchunas predicts July 2, 2024, as the potential launch date for Ethereum spot ETFs.
- SEC made light comments on issuers’ S-1 forms, expecting subsequent responses.
He noted that the SEC has approved the 19b-4 forms for eight potential issuers, including BlackRock and Fidelity. Approval of S-1 forms is the next step for these ETFs to be greenlit by the agency.
Ethereum Spot ETF Approval Process
In his X post, Balchunas mentioned a high likelihood of the SEC declaring the ETFs effective in the following week, possibly to clear their task before a holiday weekend.
Balchunas suggests a probable approval date due to the absence of major issues in the SEC’s feedback.
Currently, the market is expecting a positive outcome for these ETFs, with potential issuers gearing up for the final approval process by the SEC.
Rising Demand for Ethereum Ahead of ETF Launch
Recent on-chain data indicates a spike in Ethereum demand from long-term investors, as shown by the increase in CryptoQuant’s Permanent Holders Inflows metric. Permanent holders, known as hodlers, added 298,000 BTC to their portfolios on June 12, indicating a strong interest in Ethereum.
- Increased demand for Ethereum from permanent investors reflects positive market sentiment.
- Institutions are likely behind the surge in acquisitions, preparing for the ETF launch.
This heightened demand suggests a growing interest in Ethereum, especially as the market anticipates the approval and subsequent trading of Ethereum spot ETFs.
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