Ethereum’s (ETH) price has taken a hit after briefly reaching $3,500 on Monday. It’s now back down to $3,400.
ETF Approval Delay
The delay in approval for Ethereum ETFs has been pushed back to July 8. The SEC is requesting revised filings from issuers.
Revised Filings
The SEC is taking extra time to review and provide feedback, resulting in a revised timeline.
SEC Chair’s Comments
SEC Chair Gary Gensler previously indicated that Ethereum ETFs could be approved by “the end of the summer.”
S-1 Forms Under Review
The SEC is currently reviewing S-1 forms, which are the second step in launching spot Ethereum ETFs.
Asset Managers Optimistic
Despite the delay, asset managers remain optimistic about the SEC approving the first US spot Ethereum ETF applications.
ETF Launch Nears
The regulator’s feedback has raised minor questions that issuers are addressing. Several prominent firms have filings awaiting approval.
Inflows and Demand
Bitwise’s CIO estimates that Ethereum ETFs could see $15 billion in inflows within their first 18 months of trading. This is based on the assumption that investors will allocate to Ethereum ETFs proportionally to Bitcoin ETFs.
Current ETH Price
At the time of writing, ETH is trading at $3,418, with significant monthly losses of over 9%.
