Breaking: Spot Ethereum ETF Trading Affirmed by US SEC

Highlights

Spot Ethereum ETF products are finally approved for trading
A total of 8 products were greenlighted by the SEC back in May
A total of 5 ETFs will trade on Cboe while 3 will trade on NYSE Arca

The United States Securities and Exchange Commission (SEC) has given the regulatory nod to spot Ethereum ETF products for trading. This comes after the markets regulator published the 424(b) Forms for 21Shares Core Ethereum ETF.

The Ethereum ETF Forecasts Turned Out True

The prospect for spot Ethereum ETFs did not seem plausible for a long time until the SEC suddenly approved the ETF offering in May. Since then, the Gary Gensler-led commission has been having a back and forth with prospective issuers to get all necessary approval for the trading of the product. From S-1 filings to Form 8-A and other necessary documentation for the proposed rule change.

In light of this, many experts have projected that the trading will commence this week. According to the insight from Bloomberg Senior ETF Analyst Eric Balchunas, the product will start trading by 9:30 am ET.

It’s official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling nin now, the last step = all systems go for tomorrow’s 930am launch. Game on. pic.twitter.com/9MaBDBA8co

— Eric Balchunas (@EricBalchunas) July 22, 2024

Cboe and NYSE Arca are the two exchanges the ETH ETF products are billed to start trading.

Post Spot ETH ETF Trading Approval

When spot Bitcoin ETFs began trading in January, it became the most successful ETF launch in all of history. This was as a result of the inflows that it recorded. The speed at which institutional investors plunged in their funds into the ETF and the push that the ETF gave the price of Bitcoin was quite commendable.

However, it is expected that Ethereum ETFs will outperform Bitcoin ETFs. According to Thomas Perfumo, Kraken’s Head of Strategy, Ethereum ETFs can swing the next market run with up to $1 billion inflows monthly. Moreover, it is speculated that the ETF will strengthen ETH against BTC, possibly triggering more capital investments in the market. Similarly, Kaiko opined that Ethereum ETFs may push the Ethereum above Bitcoin.

It could possibly cement ETH’s standing and boost its price as institutional investors join the market. ETH price may eventually break $5,000 and head to even higher levels. The coin is currently changing hands for $3,464, up 1.28% in 24 hours.

Additionally, this latest affirmation from the Commission may be the boost that the broader altcoin ecosystem needs. While most firms see upticks ahead, some commentators feel the ETF would be underwhelming in terms of demand.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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