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Crypto users were in a frenzy with issuers announcing Ethereum ETFs S-1 amendments. At the moment, all issuers have filed S-1 amendments with many disclosing price ranges and discounts. This year, ETF applications in the United States have ignited momentum because of its impact on the wider market.
The success of Bitcoin ETFs after approval in January led to interest in Ethereum products. As Bitcoin price soared to a new all-time high above $73,000, investors gleaned more products in other assets leading to applications for Solana and Ethereum ETFs to the Securities and Exchange Commission.
Ethereum ETFs Amendment to Drive Inflows
On July 8, most issuers filed amendments to their ETFs S-1 as many users anticipate potential trading. This comes as the ETH price slightly recovered after weeks in the woods. Institutional inflows also point to a rebound as the product notched weekly gains.
Last week, Ethereum products saw $10.2 million in inflows wiping out a part of yearly exits. Year-to-date exits stand at $15 million due to the bearish sentiment that plunged asset prices. Ethereum’s total assets under management rose to $12.4 billion as investors expect a listing this summer.
Several market commentators expect these products to garner inflows with traders and investors repositioning for a final approval. A similar pattern occurred after the SEC approved Ethereum ETFs 19b-4 filings. ETH price moved up 22% alongside strong institutional inflows igniting bullish pressure.
ETF Issuers Await Approval
SEC chair, Gary Gensler hinted at a possible approval before the end of this summer. Issuers like VanEck, Bitwise, and others filed amendments to their applications with some disclosing fee structures. Bitwise included a six-month waiver of up to $500 million prompting speculations on a similar pattern by other firms. Ethereum currently trades at $3,079, a slight 0.5% increase to regain the $3k mark.
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