As a seasoned crypto investor with a decade of experience under my belt, I have witnessed the ebb and flow of the market, from its infancy to its current maturity. The anticipation surrounding the approval of the spot Ethereum ETF has been a rollercoaster ride for me and many other investors in the community.
Starting from May, there has been growing excitement in the crypto community about the possible approval of a Bitcoin-linked Ethereum ETF. Despite various predictions from market experts as to when the product might be launched, Nate Geraci, the president of ETFStore, remains optimistic and believes that the Ethereum ETF could become available as soon as this week.
Based on my extensive experience in the financial industry and following the developments closely, I believe we’re on the brink of a major milestone in the world of ETFs. The approval process for new Ethereum-linked ETFs is entering its final week, and I can’t fathom any credible reason for further delay at this point. Issuers have been prepped and are eagerly waiting for the green light to launch. This is an exciting time, and I’m looking forward to seeing how this new chapter unfolds in the evolving ETF landscape.
— Nate Geraci (@NateGeraci) July 14, 2024
Prospective Ethereum ETF applicants have reached agreements with the SEC to make adjustments to their S-1 registration forms in order to comply with its requirements. Given that concessions have been made since the approval of a spot Bitcoin ETF, the market does not anticipate any significant hold-ups in the process.
Many people are worried about how the Ethereum ETF’s introduction into the market will affect the industry in the long run. The primary focus of discussions is on potential price increases that may occur right away.
As a crypto investor, I’ve experienced firsthand the significant impact of the SEC’s approval of 19b-4 filings in May. The update ignited a substantial surge in the price of the coin, causing a domino effect that extended to Bitcoin and other altcoins. Although this rally was brief, it could repeat itself when Ethereum ETF products become available for trading.
The positive outlook on Ethereum’s price is starting to emerge, with the value currently standing at $3,334.51, representing a 4.14% increase. Meanwhile, the trading volume has surged by 34.43% to reach an impressive $13,196,383,402.
In addition to price effects, the introduction of an Ethereum ETF on Wall Street has removed barriers for other cryptocurrencies aiming for similar recognition. VanEck has submitted an application for a Solana ETF, while 21Shares has already initiated the process with Bitcoin and Ethereum offerings.
The trading of an Ethereum ETF and the possibility of additional investment could signify a long-held belief among cryptocurrency advocates: the existence of a growing appetite for formally recognized and controlled crypto financial instruments.
After Solana, the market might play witness to a Shiba Inu and XRP ETF in the future.
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2024-07-15 15:34