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Spot Ethereum ETF: Here Is The Last Sign To Watch Ahead of Launch

The anticipation for the launch of spot Ethereum ETF is growing with Bloomberg's James Seyffart sharing the last sign to watch
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Spot Ethereum ETF: Here Is The Last Sign To Watch Ahead of Launch

Highlights

  • The market is getting ready for spot Ethereum ETF launch
  • James Seyffart said final approval from SEC is needed
  • NYSE Arca just validated the likely launch of the product this week

After months of anticipation and several regulatory hurdles crossed with the United States Securities and Exchange Commission (SEC), the spot Ethereum ETF is set to go live for trading. The eight approved digital products are likely to go live on the Chicago Board Option Exchange (Cboe) and NYSE Arca on July 23.

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Key Developments and Expectations

James Seyffart, Bloomberg Senior ETF Analyst in an explanatory post on X regarding the much anticipated digital asset, shared what investors and stakeholders can expect once spot Ethereum ETF begins trading. One of the notable developments will be on the official website of the SEC.

According to Seyffart, after the close of market on July 22, the SEC website will have to update its platform with new filings. The update will signal to the global community that the ETFs prospectuses are now effective.

Notably, the entrants on the Cboe include Franklin Ethereum ETF, VanEck Ethereum ETF, 21Shares Core Ethereum ETF, Fidelity Ethereum ETF and Invesco Galaxy Ethereum ETF.  Each of the aforementioned have a waiver on transaction fees ranging from six months to one year except Invesco Galaxy Ethereum ETF with no waiver granted by the issuer.

Additionally, the five issuers trading on the Cboe have Coinbase as their custodian with the exception of VanEck Ethereum ETF. Gemini will serve as the custodian for VanEck.

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Implications of Spot Ethereum ETF Launch 

Meanwhile, Grayscale Ethereum Mini Trust, Bitwise Ethereum ETF and Grayscale Ethereum Trust will be trading on the New York Stock Exchange. The trio also have Coinbase as their custodian.

The broader crypto community will be keenly watching the milestone event when trading goes live, particularly, investors in Ethereum ETF and how it will impact on the price of ETH. Principally, stakeholders will be interested to see if the development will cause market excitement with visible trading surge.

While there have been several bullish predictions for the effect trading of spot Ethereum will have on price, some analysts consider the SEC’s approval and listing for trading a major win already. According to them, this is another giant step towards the legitimization of crypto products.

At the moment, the price of ETH is priced for $3,469.57, down 1.53% in the past 24 hours.

Read More: Binance Reveals Major Backing For Sam Altman’s Worldcoin, WLD Price To Rally?

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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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