Discussions around when the Spot Ethereum ETFs will likely begin trading have continued to heat up. This time, Bloomberg analyst Eric Balchunas and fellow Bloomberg analyst James Seyffart have shared an update on once they expect these funds to start trading.
Spot Ethereum ETFs To Begin Trading By July 2
Balchunas stated in an X (formerly Twitter) post that they’re moving their “over/under date” for the launch of the Spot Ethereum ETFs to July 2. He revealed that they had heard that the Securities and Exchange Commission (SEC) sent fund issuers comments on their respective S-1 filings. These comments are said to be “pretty light” and nothing major, with fund issuers set to file their amended registration statements inside every week.
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The Bloomberg analyst claimed that there’s a decent probability that the SEC will declare these S-1 filings effective the subsequent week and that the Commission will work towards approving them before the vacation weekend. He added that anything is feasible but that’s the timeline they’re working with for now.
These Bloomberg analysts had previously put July 4th as their over/under date for the launch of the Spot Ethereum ETFs. Balchunas acknowledged that the recent shift from July 4th to 2nd wasn’t a serious one but was still significant, considering it was starting to feel prefer it could take longer before the Spot Ethereum ETFs launch.
He also clarified that they selected July 2nd because the over/under date because that is when they continue to be undecided about whether to go lower or higher. Their latest projection can also be excellent news, considering that SEC Chair Gary Gensler had thrown the crypto community right into a little bit of limbo along with his latest comment.
While addressing the Senate Banking Committee on June 13, Gensler told Senator Bill Hagerty that the S-1 filings for the Spot Ethereum ETFs will likely be approved “over the course of this summer.” This statement raised the opportunity of these funds not being approved until the top of the summer, which shall be sometime in September.
Spot ETFs To Propel ETH To $10,000
The Spot Ethereum ETFs are expected to have a big impact on Ethereum’s price once they start trading. Crypto expert Ash Crypto recently mentioned that Ethereum reaching $10,000 is only a “matter of time,” with these funds set to start out trading soon. Crypto analyst Eljaboom also alluded to the Spot Ethereum ETFs when he stated that $10,000 is “programmed” for Ethereum on this cycle.
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Crypto analyst CrediBULL Crypto stated that $10,000 is his minimum goal for Ethereum on this bull run and added that the second-largest crypto token could even rise to $20,000 since it matches Bitcoin’s top within the 2017 bull run.
ETH price struggles to carry $3,500 support | Source: ETHUSDT on Tradingview.com
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