Ethereum
SEC greenlights negotiations for July 23
The Securities and Exchange Commission (SEC) has given the green light to issuers of spot Ethereum (ETH) exchange-traded funds (ETFs), allowing these funds to begin trading next Tuesday. This is the time for ETH to enter the market with a higher probability of adoption.
Here’s a look at today’s mega update.
Ethereum ETF Launched
Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, confirmed development through his post X. Balchunas mentioned that barring any unforeseen issues, the SEC has asked issuers to finalize their S-1 documents by Wednesday, with a commercial launch scheduled for July 23.
Once listed, the spot ether ETFs are expected to attract significant investment. Cryptocurrency exchange Gemini predicts that these ETFs could see inflows of up to $5 billion in the first six months. Additionally, Steno Research predicts potential inflows of up to $20 billion in the first year of trading.
According to people familiar with the matter, the SEC has no further comment on the newly filed documents, indicating a clear path forward for ETFs.
Big-name issuers such as VanEck and Invesco Galaxy are expected to launch their ETFs next week. Market analysts are predicting substantial inflows into the funds, with estimates ranging from $5 billion in the first six months to $20 billion in the first year.
Expert Opinion
Cryptoassets are gaining popularity among institutional investors and financial advisors, according to Nate Geraci. Ethereum could follow the success of Bitcoin ETFs, he said, despite market conditions.
Raising the bar, cryptocurrency expert Michaël van de Poppe noted that Ethereum has recently outperformed Bitcoin and believes that the Ethereum ETF could strengthen its market dominance.
ETH Price
There is a euphoria in the marker after the news, The price of EthereumETH price rose 7.3% on Monday, outpacing Bitcoin’s 6% gain. The rally contributed to a broader market rally. Ethereum is also showing bullish patterns above its 50-day and 200-day EMAs. A break above the $3,471 resistance could lead to $3,835, while a drop below the 50-day EMA could target $3,244. The RSI at 59.75 suggests a rise to $3,835 before becoming overbought.
The approval of ETH ETFs is considered a major milestone for the cryptocurrency market, potentially leading to increased institutional investment and greater market stability. Last week, in anticipation of the SEC’s approval of spot ETFs, an Ethereum whale purchased 10,545 ETH worth $33.29 million. Creating a storm and positive sentiment in the bear market. ETH is currently trading at $3,487. Keep an eye out for updates from the ETH spot ETF market in the US.
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