Breaking: Bloomberg Analyst Announces Spot Ethereum ETF Launch Date

Despite the increased excitement and legal processes, Bloomberg’s ETF analyst James Seyffart has shared fresh information regarding the likely timeframe for the launch of spot Ethereum ETFs in the United States.

The introduction of these financial products has been highly anticipated and shows a step forward toward furthering the adoption of cryptocurrency investment vehicles among institutional and retail investors.

Spot Ethereum ETF Launch Date Set For Tuesday

The U.S. Securities and Exchange Commission (SEC) has hinted that the final approval for the spot Ethereum ETFs could be granted as soon as next week. New information presented by Bloomberg’s Eric Balchunas indicates that the issuers have been requested to file their last S-1 registration statements, including associated fees, by Wednesday with a request for effectiveness for the following Monday.

Concurrently, this preparation is in line with a possible launch on Tuesday, July 23, during significant cryptocurrency events such as The Bitcoin Conference in Nashville which Donald Trump is expected to attend. This timing is sensible because the launch is strategic and attempting to coincide with increased consumer focus.

Looks like launch date for the #Ethereum ETFs will be next week on Tuesday July 23rd https://t.co/fm8RW6AvTJ

— James Seyffart (@JSeyff) July 15, 2024

The previous stages included the SEC asking for updates on the appropriate 19b-4 forms, critical in trading new ETFs on stock exchanges. These forms are essential for the actual implementation of the ETFs given that the regulator’s normal review cycle has been through several changes and prolongations in the recent past.

Despite some earlier setbacks, the market is still hopeful for the upcoming decision, primarily because of the positive political changes and the growing institutional interest in cryptocurrencies.

Ethereum (ETH) Price 

Following the announcement, Ethereum price jumped by more than 7% according to the price at the time of writing this article to stand at $3,433. The hype around Ethereum ETFs is clearly reflected in the crypto asset’s market performance with ETH’s price increasing by 14% over the last week, and 77% in the past year as of CoinMarketCap.

This has been largely due to increased expectation that these ETFs will be approved soon and once approved, they are expected to mobilize a lot of funds. Analyst Michael Van de Pope has moreover suggested that owing to the new ETFs, Ethereum may outperform even Bitcoin in the market.

The ongoing interest from financial advisors and institutional investors shows the high demand for regulated crypto investment products. Estimations are that these ETFs could attract between 0. 75% and 1% of Ethereum’s circulating supply in new investments within the first five months of its operations, stressing the possibility of great market expansion.

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