In the realm of cryptocurrency, preparations for the launch of Spot Ethereum Exchange-Traded Funds (ETFs) have been gathering momentum. Anticipation grows stronger with insight from prominent Bloomberg analysts, Eric Balchunas and James Seyffart, on the possible timeline for the fund’s implementation.
Balchunas and Seyffart have revised their estimate for the Spot Ethereum ETFs trading initiation, marking July 2nd on the crypto-calendar. Balchunas announced this latest update via a post on X (formerly known as Twitter). They moved their “over or under date” based on information indicating that the Securities and Exchange Commission (SEC) had issued comments on fund issuers’ respective S-1 filings.
The feedback from the SEC was reportedly on the lighter side, lacking any major disputes, and the fund issuers are geared up to submit their amended registration statements within a week. Balchunas articulated the likelihood of the SEC giving the green light to these S-1 filings in the following week. With a holiday weekend drawing near, the Commission seems to be aiming to finalize approvals before the celebratory festivities begin.
Though he stresses that predictions can always go astray, Balchunas cites this unfolding roadmap as their present working timeline. The July 2nd date signifies a subtle but meaningful shift from their previous estimate of a July 4th launch date. The alteration underscores the wavering uncertainties, as the launch seemed to be taking longer than they initially anticipated.
Their choice of the precise date is justified by the unsteady and divergent conjectures surrounding whether the date would ultimately stand to be earlier or later. This estimation comes as a breath of fresh air, especially considering the crypto community had been forced into a whirlwind of uncertainty following an unsettling remark by the SEC Chair Gary Gensler.
Addressing the Senate Banking Committee on June 13, Gensler shared with Senator Bill Hagerty that it’s likely the S-1 filings for Spot Ethereum ETFs would get the nod “over the course of this summer.” While appearing innocuous, this statement unsettled the crypto-community as it insinuated that approval might not roll in until summer comes to a close in September.
Nevertheless, cryptocurrency experts remain confident about the considerable influence of these funds on Ethereum’s value post-launch. Crypto authority Ash Crypto recently shared his perspective, stating that Ethereum’s ascent to a $10,000 plateau is an eventuality — a mere “matter of time”—once trading for these funds commences. Echoing a similar sentiment, Crypto analyst Eljaboom rendered a $10,000 value for Ethereum as “predestined” within this cycle.
Another crypto-analyst, CrediBULL Crypto, gave a more ambitious forecast, suggesting that $10,000 is merely his baseline target for Ethereum during this bull run. He further speculated that the second-largest crypto token has the potential to vault as high as $20,000, matching Bitcoin’s 2017 bull run zenith.
Presently, Ethereum’s value is teetering to maintain the $3,500 support line, proving the future of Ethereum’s price to be a riveting spectacle. Only time will reveal the true impact of the Spot Ethereum ETFs.
