ETH Price Dips As Ethereum ETF Approval Faces Delay
2024年7月3日 - 1:00PM
NEWSBTC
Ethereum (ETH) price has encountered a setback after briefly
surpassing the $3,500 mark on Monday, dropping once again to the
$3,400 support level on Tuesday. The delay stems from the expected
full approval by the SEC for Ethereum ETF applications, which have
now been postponed to July 8. SEC Requests Revised Filings Analysts
had initially anticipated approval by July 2, but the SEC has
requested issuers to submit revised filings by July 8. Bloomberg
ETF expert Erich Balchunas shared on social media that the SEC took
additional time to provide feedback, resulting in a revised
timeline. Balchunas stated: Unfort think we gonna have to
push back our over/under till after holiday. Sounds like SEC took
extra time to get back to ppl this wk (altho again very light
tweaks) and from what I hear next wk is dead bc holiday = July 8th
the process resumes and soon after that they’ll launch Related
Reading: Bitcoin Miners Slow Down Selling In July, What This Could
Mean For Price SEC Chair Gary Gensler previously indicated that
Ethereum ETFs would likely receive approval by “the end of the
summer.” The SEC is currently reviewing and approving the S-1
forms, which represent the second step in launching spot Ethereum
ETFs. Despite the delay, asset managers remain optimistic
about the SEC greenlighting the first US spot Ethereum ETF
applications that directly invest in Ether, with expectations set
for mid-July. A recent Bloomberg report highlighted the
constructive dialogue between asset managers and the regulator.
Ethereum ETF Launch Inches Closer Per the report, the regulator’s
feedback provided minor questions that issuers are currently
addressing. In May, the SEC approved the proposal by exchanges to
list these products, requiring a separate approval for their
launch. Steve Kurz, head of asset management at Galaxy Digital,
predicted the approval of an Ethereum ETF within the next couple of
weeks. Galaxy Digital has filed for an Ether ETF, and Kurz
expressed confidence in the process, emphasizing their familiarity
with the requirements based on their experience with the Bitcoin
ETF. Several prominent firms, including BlackRock Inc., Fidelity
Investments, 21Shares, and Invesco, have filings awaiting approval.
The disclosure of fees on the respective funds is a necessary step
before trading commences. Assuming the funds receive a green light,
one key question remains: Will Ether portfolios generate a similar
level of demand as the historic debut of US spot-Bitcoin ETFs in
January, which accumulated $52 billion in assets? $15 Billion
In Inflows Within First 18 Months As previously reported by
NewsBTC, Ethereum ETFs may attract significant inflows in the first
few months of trading, although they may not have the same volume
of inflows as the newly approved Bitcoin ETF market. In a
note to investors Bitwise’s Chief Investment Officer (CIO), Matt
Hougan projected that these ETFs could see $15 billion in net
inflows within their first 18 months of trading. To arrive at
this estimate, Hougan considered the market capitalizations of
Bitcoin and Ethereum, expecting investors to allocate to their
respective exchange-traded products (ETPs) proportionally. Related
Reading: Will Bitcoin Beat The Odds And Fly To $300,000 By 2025?
Hougan pointed out that US investors have already invested $56
billion in Spot Bitcoin ETPs, and he anticipates this figure to
reach $100 billion or more by the end of 2025. Drawing from
this reference, he determined that Spot Ethereum ETFs would need to
attract $35 billion in assets to match the Bitcoin ETFs, a process
that could take around 18 months. Additionally, he noted that
the Spot Ethereum ETFs would launch with $10 billion in assets,
thanks to the conversion of the Grayscale Ethereum Trust (ETHE)
into an ETF. At the time of writing, ETH is trading at $3,418,
recording significant losses in the monthly time frame amounting to
over 9%. Featured image from DALL-E, chart from
TradingView.com
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