The SEC officially issued its final approval for spot Ethereum ETFs on July 22 and the funds’ respective webpages are now live.
The ETFs are scheduled to begin trading as US markets open at 09:30 Eastern Time on July 23.
Bloomberg senior ETF analyst Eric Balchunas confirmed the approvals, saying:
“It’s official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling in now, the last step = all systems go for tomorrow’s 930am launch. Game on.”
The approval confirms rumors from last week and opens up Ethereum to investors seeking regulated exposure. Market experts believe these funds will attract a significant amount of money from investors who have been hesitant to invest in crypto due to regulatory concerns.
Citi recently predicted the ETFs will attract $5.4 billion in the first six months of trading, while more optimistic estimates place the inflows at up to $15 billion.
Most analysts agree that the funds are unlikely to attract the same level of investment as their Bitcoin counterparts. However, the launch is expected to catalyze a rally in Ethereum, which will also “lift all boats.”
Meanwhile, CryptoQuant research recently revealed that the amount of ETH held on exchanges has fallen to multi-year lows amid anticipation of the ETF launch. Exchange balances are down 10% since the start of the year to 16.9 million Ethereum, the lowest level seen since July 2016.
Ethereum was trading at $3480 as of press time, based on CryptoSlate data.
The story is developing and will be updated as more information is released.
Ethereum Market Data
At the time of press 10:13 pm UTC on Jul. 22, 2024, Ethereum is ranked #2 by market cap and the price is down 0.56% over the past 24 hours. Ethereum has a market capitalization of $418.59 billion with a 24-hour trading volume of $18.7 billion. Learn more about Ethereum ›
$3,481.60
-0.56%
Crypto Market Summary
At the time of press 10:13 pm UTC on Jul. 22, 2024, the total crypto market is valued at at $2.46 trillion with a 24-hour volume of $87.93 billion. Bitcoin dominance is currently at 54.53%. Learn more about the crypto market ›
Mentioned in this article
Assad Jafri
AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
News Desk
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
This news is republished from another source. You can check the original article here
