The Delay of the Ethereum ETF Approval
The approval of the Ethereum spot exchange-traded fund (ETF) was originally scheduled for July 18, but new projections now suggest a delay until July 23. This adjustment has added a new twist to the story, with the approval date passing without a final decision being made.
Analysts’ Projections for the Ethereum ETF Launch
Bloomberg ETF analyst Eric Balchunas provided insights into the latest developments surrounding the Ethereum ETF approval process. He shared that the Securities and Exchange Commission (SEC) has contacted the issuer and requested the final documentation to be returned by Wednesday. If everything goes smoothly, the ETF could be effectively launched on Monday, July 23.
The community’s reaction to the delay has been mixed, with some expressing disappointment at the prolonged timeline. One member humorously questioned the delay, jokingly asking, “How many years will this take?”
The Future of Ethereum-based ETFs
Despite the setbacks, there is optimism within the industry regarding the potential approval and launch of Ethereum-based ETFs. The SEC has reportedly granted preliminary approval to several asset managers, including BlackRock and Van Eck, who are looking to launch ETFs. If all conditions are met, up to eight ETFs could launch simultaneously.
This anticipated approval signifies a significant step forward for the cryptocurrency space, bringing digital assets closer to mainstream financial acceptance. The price of Ethereum (ETH) has already seen a 4.27% increase in the past 24 hours, currently trading at around $3,471.
Market Impact and Future Developments
Cryptocurrency analyst Andrew Kang commented on the market impact of the potential ETF approval, stating that Ethereum’s price rally could continue even after the launch. He also highlighted the influence of various factors such as new market entrants, changes in China’s cryptocurrency policy, and national adoption of Bitcoin and other crypto-assets.
As the industry awaits the SEC’s final decision on the Ethereum ETFs, the cryptocurrency market remains dynamic, with potential for significant developments in the coming days.