The spot Ethereum ETF is expected to begin trading on July 2. Could this push ETH to $10,000?
The debate over when the Spot Ethereum ETF will begin trading continues to heat up. This time, Bloomberg analyst Eric Balchunas and fellow Bloomberg analyst James Seyffart shared an update on when they expect the fund to begin trading.
Spot Ethereum ETF to begin trading by July 2nd
Balchunas said in a post on He said he had heard that the Securities and Exchange Commission (SEC) had sent the fund issuer. Opinions on each person’s S-1 document. The comments are said to be “very mild” and not major, and the fund’s issuer expects to file a revised registration statement within a week.
Bloomberg analysts have argued that the SEC will likely declare these S-1 filings effective next week and that the commission will work to approve them before the holiday weekend. He added that anything is possible, but that’s the timeline they’re currently working with.
These Bloomberg analysts previously set July 4th as the over/under date for the launch of the Spot Ethereum ETF. Balchunas acknowledged that while the recent change from July 4th to 2nd is not a huge change, it is still significant considering it is starting to feel like it may take longer for the Spot Ethereum ETF to launch.
He also stated that July 2 has been decided as the over/under date. This is because it has not been decided whether it will be lower or higher at this time. Their latest outlook is also good news, considering SEC Chairman Gary Gensler has the cryptocurrency community in a bit of a quandary with his recent comments.
Speaking before the Senate Banking Committee on June 13, Gensler told Senator Bill Hagerty that the S-1 application for a Spot Ethereum ETF would likely be approved “sometime this summer.” The statement raised the possibility that the funding might not be approved until the end of the summer, which could be sometime in September.
Spot ETF Drives ETH to $10,000
The spot Ethereum ETF is expected to have a significant impact on the Ethereum price once trading begins. Cryptocurrency expert Ash Crypto recently noted that it is only “a matter of time” before Ethereum reaches $10,000 and that these funds will begin trading soon. Crypto analyst Eljaboom also mentioned the Spot Ethereum ETF, saying $10,000 is “programmed” into Ethereum this cycle.
Crypto analyst CrediBULL Crypto said the minimum target for Ethereum in this bull market is $10,000, adding that the second-largest cryptocurrency token could rise to $20,000 as it matches Bitcoin’s highs during the 2017 bull market.
