Following
the
approval
of
the
Ethereum
spot
ETFs
(exchange-traded
funds),
potential
issuers
have
had
to
wait
for
the
trading
debuts
of
their
products.
This
has
led
to
much
commentary
and
speculation
on
the
possible
date
for
the
final
approvals
of
the
Ether
ETFs.
Bloomberg
analyst
Eric
Balchunas
is
the
latest
personality
to
predict
when
the
Ethereum
spot
ETFs
could
begin
trading
in
the
United
States.
Why
Ethereum
Spot
ETFs
May
Start
Trading
By
July
2
In
a
recent
post
on
the
X
platform,
Balchunas
put
forward
July
2,
2024,
as
the
new
projected
date
for
when
the
spot
Ethereum
exchange-traded
funds
could
begin
trading.
This
update
is
based
on
the
Securities
and
Exchange
Commission’s
(SEC)
response
to
issuers
on
Friday,
June
14.
According
to
the
ETF
expert,
the
SEC
made
“pretty
light”
comments
to
the
issuers’
S-1
forms,
with
no
major
issues
to
address.
Balchunas
also
mentioned
that
the
commission
expects
issuers
to
reply
to
these
comments
in
a
week.
The
SEC
has
approved
the
19b-4
forms
for
eight
potential
issuers,
notably
BlackRock,
Fidelity,
VanEck,
and
Franklin
Templeton.
The
agency
would
also
need
to
greenlight
the
S-1
forms
for
the
Ethereum
spot
ETFs
to
go
live.
Balchunas
wrote
in
his
post
on
X:
Decent
chance
they
work
to
declare
them
effective
the
next
week
and
get
it
off
their
plate
before
the
holiday
weekend.
Anything
is
possible
but
this
is
our
best
guess
as
of
now.
Note:
our
previous
over/under
was
July
4th
so
this
isn’t
major
shift
but
1)
we
startted
to
feel
like
it
would
take
longer
so
this
is
kinda
good
news
and
b)
we
basically
decide
the
over/under
on
where
are
most
torn
50-50
on
where
to
bet
and
July
2nd
is
that
date
right
now.—
Eric
Balchunas
(@EricBalchunas)June
14,
2024
Recently,
SEC
chair
Gary
Gensler
said
to
senators
during
a
budget
hearing
that
the
final
approvals
for
the
Ethereum
spot
ETFs
should
be
finished
by
summer.
The
final
launch
of
these
products
is
expected
to
attract
significant
capital
inflow
into
the
second-largest
cryptocurrency
and
the
market.
Ethereum
Demand
On
The
Rise
Ahead
Of
ETF
Launch
The
latest
on-chain
data
shows
that
there
has
been
an
increased
demand
for
Ethereum,
especially
from
permanent
investors.
This
revelation
is
based
on
a
significant
spike
in
CryptoQuant’s
Permanent
Holders
Inflows
metric.
Permanent
holders,
or
hodlers,
refer
to
participants
who
can
choose
to
hold
a
cryptocurrency
for
longer
periods
and
won’t
be
taken
out
easily
by
market
volatility.
According
to
the
on-chain
analytics
firm,
this
class
of
investors
scooped
up
298,000
BTC
on
Wednesday,
June
12.
Considering
the
amount
acquired
by
the
permanent
holders,
it
is
likely
that
institutions
are
responsible
for
this
acquisition,
as
they
try
to
position
themselves
well
in
the
market
ahead
of
the
impending
launch
of
the
Ethereum
spot
ETFs.
ETH price approaching $3,600 on the daily timeframe | Source: ETHUSDT chart on TradingView
Featured
image
from
Bernard
Marr,
chart
from
TradingView
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Author: Opeyemi Sule
