SEC Approval and Timeline
Following approval, issuers have been eagerly awaiting the trading debut of Ethereum spot ETFs. Bloomberg analyst Eric Balchunas predicts July 2, 2024, as the potential start date.
The SEC’s response to issuers on June 14th was positive, with no major issues raised. Issuers are expected to respond within a week.
SEC’s Greenlight
The SEC has approved 19b-4 forms for eight potential issuers, including BlackRock and Fidelity. The agency must also approve S-1 forms for the ETFs to go live.
Balchunas believes the SEC will declare the ETFs effective next week to clear their plate before the holiday weekend.
Rising Ethereum Demand
On-chain data shows increased demand for Ethereum, particularly from long-term investors. CryptoQuant’s Permanent Holders Inflows metric has spiked, indicating institutions are positioning themselves ahead of the ETF launch.
