Ethereum
Spotting Ethereum ETFs by July 2? Analyst makes this bold prediction!
- Analyst’s Remarks Hint at Possibility of Ethereum ETFs Starting July 2
- Bitcoin Seems Underperforming Ahead of ETH ETF Approval
Following SEC Chairman Gary Gensler promising remarks (“during this summer”) on the approval schedule for Ethereum [ETH] Spot Exchange Traded Funds (ETF), Bloomberg Senior Analyst Eric Balchunas, is making headlines today after specifying a potential start date.
Balchunas prediction: reality or not?
According to Balchunas, Ether ETFs could potentially begin trading in the United States as early as July 2. He said,
“We are moving our plus/minus date for the Spot Ether ETF launch to July 2, after hearing from staff sending feedback to issuers on the S-1s today, and they are pretty light, nothing major , we ask for them in a week. .”
This news has sparked optimism within the cryptocurrency community, particularly regarding Ethereum’s upcoming market opportunities.
In fact, the analyst also hinted that the aforementioned launch could be timed to coincide as closely as possible with July 4, the Independence Day of the United States.
“A decent chance they’ll work to declare them effective next week and take them off their plate over the holiday weekend.” Anything is possible, but this is our best guess at the moment.
Bitcoin ETF vs. Ethereum ETF
The delay in ETH ETF approval is far from comparable to the long journey of Bitcoin [BTC] ETF approval process.
In July 2013, Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, filed their initial application with the SEC to establish a Bitcoin spot ETF.
Fast forward to January 2024, after nearly a decade of regulatory review and multiple requests, the SEC has finally approved 11 Bitcoin ETFs.
Source: Reuters
Drawing parallels between the Bitcoin and Ethereum ETF approval processes, it is worth noting that after the BTC ETF was approved, Ethereum saw a significant rally, rising 9.1% while Bitcoin under -perform.
And now, with the anticipation of ETH ETF approval, Ethereum, the second largest altcoin, stands out amid a market downturn.
At the time of writing, Bitcoin and many other cryptocurrencies were flashing red candlesticks on their daily charts. On the contrary, Ethereum was in the green after a modest increase of just over 1%.
Furthermore, according to a recent report from Distant investorsspot BTC ETFs saw two consecutive days of outflows on June 13 and 14, totaling $416.1 million.
Source: Farside Investors
Popular analyst Willy Woo also jumped in to comment. He stated,
Source: Willy Woo/X
The future remains uncertain
Overall, although dynamics are constantly changing in the crypto market, it is still too early to definitively conclude whether investors are moving away from Bitcoin and towards Ethereum.
It is worth noting, however, that AMBCrypto’s analysis of Santiment found that social dominance metrics for ETH and BTC were moving north. Despite this, the Relative Strength Index (RSI) remained stable, indicating no clear signs of bullish or bearish momentum.
Source: Santiment