Nate Geraci, president of The ETF Institute, predicted that Ethereum ETH/USD-based spot exchange-traded funds could launch within the next two weeks.
What Happened: Geraci, who actively tracks developments on cryptocurrency ETFs and shares updates on the same via his official X handle, hoped that modified S-1 filings would arrive on the SEC’s desk by Monday.
He wrote that from then on, the potential launch dates would be contingent on how soon the regulator does its verification and gives a go-ahead.
In a dramatic turn of events, the SEC approved 19b-4 forms for applications of Ether ETFs in May, after weeks of negative sentiment. The SEC asked the ETF applicants to submit the revised S-1 registration statements, the final hurdle before the funds can start trading on U.S. exchanges, by July 8.
See Also: Crypto Billionaire Justin Sun Offers To Buy Bitcoin Off-Market From German Government To Minimize Price Impact, Lawmaker Slams Authorities For Selling
Why It Matters: Geraci's forecast was in line with his previous estimate of a mid-July launch last week.
The eventual launch of spot Ether ETFs could have significant implications for the cryptocurrency market since it would be the second such digital asset fund in the U.S. after the much-talked-about Bitcoin BTC/USD spot ETFs that debuted in January.
Cryptocurrency exchange Gemini estimates net inflows of up to $5 billion within the first six months of trading into Ether ETFs.
Photo Courtesy: Shutterstock
Price Action: At the time of writing, Ethereum is trading at $2,873.96, down 5.77% in the last 24 hours, according to data from Benzinga Pro.
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