The
US
Securities
and
Exchange
Commission
has
issued
notices
of
effectiveness
for
several

Ethereum-related
exchange-traded
funds
(ETFs)
as
they
begin
trading
today,
July
23.

Available
information
on
the
regulator’s
website
confirms
the
effectiveness
of
the
S-1
filing
of
different
issuers,
including

VanEck,

Grayscale,

Bitwise,

Invesco,
and

Fidelity,
among
others.

Pre-market
trading
is

already
open,
with
BlackRock’s
iShares
Ethereum
Trust
(ETHA)
opening
at
$27.50
before
falling
slightly
to
$26.64
as
of
press
time.

On
July
22,
reports

emerged
that
the
SEC
had
given
its
final
approval
for
the
spot
Ethereum
ETFs
to
begin
trading
on
July
23.
Asset
management
firm
Grayscale

 

confirmed
that
its
Ethereum
ETF
products—the
Grayscale
Ethereum
Mini
Trust
and
Ethereum
Trust
Fund—would
start
trading
on
the
New
York
Stock
Exchange
today.

This
development
ends
weeks
of
waiting
for
ETF
products
of
the
second-largest
digital
asset
by
market
capitalization,
which
the
regulator
had
extensively
investigated
and
initially
suggested
was
a
security.

Market
experts
hailed
the
move,
pointing
out
that
the
ETFs
will
provide
convenient
access,
liquidity,
and
transparency
for
investors
looking
to
gain
exposure
to
digital
assets.
Jay
Jacobs,
BlackRock’s
US
Head
of
Thematic
and
Active
ETFs,
said:

“Ethereum’s
appeal
lies
in
its
decentralized
nature
and
its
potential
to
drive
digital
transformation
in
finance
and
other
industries.”

How
will
ETH
price
react?

While
ETH’s
price
has
been
largely
muted
despite
the
impending
launch
of
the
ETFs,
blockchain
research
firm
Kaiko

reported
that
it
was
unclear
how
the
initial
inflows
from
the
products
could
impact
the
asset.

Will
Cai,
head
of
indices
at
Kaiko,
said:

“The
launch
of
the
futures
based
ETH
ETFs
in
the
US
late
last
year
was
met
with
underwhelming
demand,
all
eyes
are
on
the
spot
ETFs’
launch
with
high
hopes
on
quick
asset
accumulation.
Although
a
full
demand
picture
may
not
emerge
for
several
months,
ETH
price
could
be
sensitive
to
inflow
numbers
of
the
first
days.”

Meanwhile,
Bitwise’s
CIO
Matt
Hougan
predicted
that
the
upcoming
spot
Ethereum
ETFs
will
propel
the
digital
asset’s
price
to
new
all-time
highs
of
more
than
$5,000.
He

 

said:

“By
year-end,
I’m
confident
the
new
highs
will
be
in.
And
if
flows
are
stronger
than
many
market
commentators
expect,
the
price
could
be
much
higher
still.”

Mentioned
in
this
article

Go to Source
Author: Oluwapelumi Adejumo

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