Bloomberg Analyst Claims Spot Ethereum ETFs to Launch on July 2nd
Excitement is building in the cryptocurrency world as the launch of Spot Ethereum ETFs is expected to take place on July 2nd. This news, shared by analyst Eric Balchunas, has created a buzz in the financial industry. With the SEC appearing poised to approve these ETFs, many are wondering how this development will impact Ethereum’s price.
Eric Balchunas recently disclosed that the SEC has provided feedback on S-1 filings to ETF issuers, with a request for responses within a week. This suggests that the SEC may soon declare the ETFs effective, possibly as early as the following week.
The SEC has already given the green light to 19b-4 forms for eight Ethereum ETF issuers, including major players like BlackRock, Fidelity, and VanEck. Final approval of the S-1 forms is the last step before trading can begin.
During a recent hearing at a Senate Appropriations Committee, SEC Chair Gary Gensler hinted at a positive outlook for the approval of S-1 forms for Ethereum ETFs, hinting that approval could come as soon as this summer.
VanEck, an asset manager, is optimistic about Ethereum’s future, forecasting a price target of $22,000 by 2030. This projection is based on an expected $66 billion in “free cashflows” generated by Ethereum over the next decade. Additionally, the launch of Spot Ethereum ETFs is anticipated to attract significant institutional investment, with estimates suggesting inflows between $15 and $45 billion in the first year.
QCP Capital, a Singapore-based crypto trading firm, predicts a 60% surge in ETH prices following the approval of Spot Ethereum ETFs. This optimism is fueled by the positive market response seen after the approval of Spot Bitcoin ETFs earlier this year.
Despite these bullish forecasts, Ethereum is currently facing challenges with its price hovering around $3,544. The cryptocurrency has struggled to break key resistance levels, leading analysts to warn of potential downside risks if support is not maintained above $3,420, with further declines possible towards the $3,250 level.
The next few weeks will be critical for Ethereum and the broader crypto market, as the approval and launch of Spot Ethereum ETFs could have a significant impact on market dynamics and investor sentiment.