Crypto News – Ethereum ETFs May Hit US Markets by July 2: Bloomberg Analyst Eric Balchunas
Crypto News- In a recent update, Bloomberg ETF analyst Eric Balchunas hinted at a potential start for spot Ether exchange-traded funds (ETFs) trading in the United States as early as July 2. Balchunas pointed out that the United States Securities and Exchange Commission (SEC) staff’s comments on the spot Ether ETF applicants’ S-1 applications seemed manageable, expecting them back within the week. This optimistic outlook led him to adjust the estimated launch date for the spot Ether ETF to July 2.
Balchunas also speculated that the SEC might expedite the process to clear the applications before the upcoming Independence Day holiday weekend. However, he emphasized that uncertainties still exist, and this estimation is the current best guess.
Navigating Uncertainties: Balchunas’ Prior Doubts and Revised Predictions
This positive development follows a prior day’s uncertainty when Balchunas noted that Ether ETF applicants were awaiting feedback from the SEC’s Division of Corporation Finance, prompting him to consider postponing his earlier July 4 prediction.
Earlier, on May 23, the SEC approved eight 19b-4 filings to list spot Ether ETFs on various U.S. exchanges. However, trading cannot commence until the necessary S-1 registration statement approvals are obtained.
Gensler’s Extended Timeline: Spot Ether ETFs Possibly Trading by September’s End
SEC Chair Gary Gensler has provided a broader timeframe, suggesting that spot Ether ETFs could potentially start trading within the next three months, by the end of September.
However, not all industry experts share the same optimism. Stephen Richardson, managing director of financial markets at Fireblocks, cautioned against expecting spot Ether ETFs to attract similar inflows as spot Bitcoin ETFs did initially. He highlighted the complexity in valuing Ethereum’s use cases, emphasizing the lack of widespread consensus on evaluating the utility or utilization rate of the Ethereum blockchain.
With these dynamics at play, the cryptocurrency community eagerly awaits further developments surrounding the potential approval and launch of spot Ether ETFs in the US market.
FAQ
What is the latest update on the potential start of spot Ether exchange-traded funds (ETFs) trading in the United States?
Bloomberg ETF analyst Eric Balchunas suggested a potential start for spot Ether ETF trading as early as July 2. He noted that the SEC’s comments on the ETF applicants’ S-1 applications appeared manageable, leading him to adjust the estimated launch date.
What prompted Eric Balchunas to revise his estimated launch date for spot Ether ETFs?
Balchunas observed manageable feedback from the SEC on the S-1 applications, prompting him to revise the launch date to July 2. He speculated that the SEC might expedite the process before the upcoming Independence Day holiday weekend.
How did the prior uncertainty affect the predicted launch date for spot Ether ETFs?
The day before Balchunas’ revised estimation, uncertainty arose as Ether ETF applicants awaited feedback from the SEC’s Division of Corporation Finance. This uncertainty led Balchunas to contemplate postponing his earlier prediction of a July 4 launch.
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