The Securities and Exchange Commission (SEC) has approved the launch of spot Ethereum (ETH) exchange-traded funds (ETFs), allowing trading to begin next Tuesday. This development is expected to increase the adoption of ETH in the market.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, confirmed the news through a tweet. He mentioned that issuers have been asked to finalize their S-1 documents by Wednesday, with a trading launch scheduled for July 23. The spot ether ETFs are predicted to attract significant investment, with estimates ranging from $5 billion to $20 billion within the first year.
Notable issuers like VanEck and Invesco Galaxy are set to launch their ETFs next week, with market analysts forecasting substantial inflows into these funds. According to experts, crypto assets, including Ethereum, are gaining popularity among institutional investors and financial advisors. Ethereum’s price surged by 7.3% on Monday, outpacing Bitcoin’s gain. The approval of the ETH ETFs is viewed as a significant milestone for the crypto market, potentially leading to increased institutional investment and greater market stability.
In anticipation of the SEC approval, an Ethereum whale bought 10,545 ETH worth $33.29M last week, creating positive sentiment in the market. ETH is currently trading at $3,487, with expectations of further growth. Keep an eye on updates regarding the US ETH-spot ETF market.