Spot Ethereum ETF trading could start on July
In the ongoing struggling cryptocurrency market, the recent update spot Ethereum ETF (Exchange Traded Fund) has sparked hope among investors, traders, and institutions. Today, on June 15, 2024
Table of Contents
- Balchunas expressed some uncertainty about the timeline
- ETFs might start trading within the next three months
- Whale interest on Ethereum and other tokens
In the ongoing struggling cryptocurrency market, the recent update spot Ethereum ETF (Exchange Traded Fund) has sparked hope among investors, traders, and institutions. Today, on June 15, 2024
Eric Balchunas made a post on X, highlighting that the spot Ethereum ETF might soon begin trading in the United States, possibly as early as July 2, 2024. When will Spot Ethereum ETF be approved?
Balchunas noted in his post that the SEC’s feedback on the ETF applicants’ S-1 registration filings was minimal, with the commission requesting a quick turnaround. He suggested there is a good chance the SEC aims to finalize the approvals before July 4, 2024.
Balchunas expressed some uncertainty about the timeline
Despite this recent update, Balchunas expressed some uncertainty about the timeline, mentioning that the SEC’s Division of Corporation Finance still needed to review the applications. However, the recent light feedback indicates a faster process than anticipated. On May 23, 2024, the SEC approved several 19b-4 filings to list spot Ethereum ETFs on U.S. exchanges. Despite this, the ETFs cannot trade until their S-1 forms receive the SEC’s green light.
ETFs might start trading within the next three months
SEC Chair Gary Gensler indicated that these ETFs might start trading within the next three months, by the end of September. However, the actual timing depends on how quickly the applicants can address any feedback from the SEC.
Whale interest on Ethereum and other tokens
Following this update, Ethereum whales and investors are looking at accumulating Ethereum and other Ether-based tokens. Recently, an on-chain analytic firm, Lookonchain, made a post on X, highlighting that a wallet related to Amber Group withdrew a massive 2,638 ETH worth $9.2 million and 987,053 UNI tokens worth $10.6 million from the world’s biggest cryptocurrency exchange, Binance.
This accumulation may influence other whales as well. Given that the overall cryptocurrency market is down, this might be the right time to add tokens before it soars.
As of writing, Ethereum is trading near the $3,530 level, and in the last 24 hours, it experienced a decent 0.6% upside momentum. Looking at the performance of Ethereum over a longer period, in the last 7 days, it is down by 4%. However, in the last 30 days, Ethereum is still up by 22%.
