Spot Ethereum ETFs Expected To Begin Trading On July 2, Can This Propel ETH To $10,000?
June 15 2024 - 12:00PM
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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 when they expect these funds to begin
trading. Spot Ethereum ETFs To Begin Trading By July 2
Balchunas stated in an X (formerly Twitter) post that they are
moving their “over/under date” for the launch of the Spot Ethereum
ETFs to July 2. He revealed 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 within a week. Related
Reading: Dogecoin Sees Monumental Surge In Transactions As Whales
Spend $129 Million The Bloomberg analyst claimed that there is a
decent chance that the SEC will declare these S-1 filings effective
the next week and that the Commission will work towards approving
them before the holiday weekend. He added that anything is possible
but that is the timeline they are 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
major one but was still significant, considering it was beginning
to feel like it could take longer before the Spot Ethereum ETFs
launch. He also clarified that they decided on July 2nd as
the over/under date because this is when they remain undecided
about whether to go lower or higher. Their latest projection is
also good news, considering that SEC Chair Gary Gensler had thrown
the crypto community into a bit of limbo 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 possibility of these funds
not being approved until the end of the summer, which will be
sometime in September. Spot ETFs To Propel ETH To $10,000 The
Spot Ethereum ETFs are expected to have a huge impact on Ethereum’s
price once they begin trading. Crypto expert Ash Crypto recently
mentioned that Ethereum reaching $10,000 is just a “matter of
time,” with these funds set to start trading soon. Crypto analyst
Eljaboom also alluded to the Spot Ethereum ETFs when he stated that
$10,000 is “programmed” for Ethereum in this cycle. Related
Reading: Crypto Analyst Lists The Cardano Developments That Will
Drive ADA Price To $3 In 2024 Crypto analyst CrediBULL Crypto
stated that $10,000 is his minimum target for Ethereum in this bull
run and added that the second-largest crypto token could even rise
to $20,000 because it matches Bitcoin’s top in the 2017 bull
run. Featured image created with Dall.E, chart from
Tradingview.com
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