Bloomberg analyst Eric Balchunas called the updated S-1 a “good sign,” adding that a launch by the end of June was “a legit possibility.”

On Tuesday, BlackRock became the largest publicly traded bitcoin fund, flipping Grayscale.

BlackRock filed an amended S-1 form for its proposed spot ether {{ETH}} exchange-traded fund (ETF) that revealed more information about the product that was recently approved for listing in the U.S.

The form revealed a “Seed Capital Investor” had purchased the initial shares for the proposed product.

“On May 21, 2024, the Seed Capital Investor, an affiliate of the Sponsor, subject to conditions, purchased the Seed Creation Baskets, comprising 400,000 Shares at a per-Share price equal to $25.00,” the S-1 form showed. “The net asset value of the Trust was $10,000,000.”

Subject to regulatory approval, assets held in the ETF can be redeemed for cash or even ether. The iShares Ethereum Trust ether ETF will list and trade under “ETHA.”

Bloomberg analyst Eric Balchunas called the updated S-1 a “good sign,” adding that a launch by the end of June was “a legit possibility.”

Good sign. Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th https://t.co/WymshkTvat

— Eric Balchunas (@EricBalchunas) May 29, 2024

The updated S-1 comes nearly a week after the Securities and Exchange Commission (SEC) approved several ether ETFs for listing in the U.S., buoying bullish sentiment in the broader crypto market.

BlackRock’s bitcoin ETF has proven to be a success so far for the company so far. On Tuesday, it became the world’s largest publicly traded bitcoin fund, flipping Grayscale, with nearly $20 billion in assets under management.

IBIT has taken over $16 billion in net inflows since going in January, as reported, with major state pension funds among its investors.

Analysts suspect a massive Bitcoin (BTC) supply shock is coming.

This is caused by the increased buying of BTC which is slowly emptying out exchanges.

This move will soon lead to the next seismic Bitcoin (BTC) price surge.

Bitcoin (BTC) has shifted into its discovery phase for the ongoing bull cycle. Having already surged past its previous ATH of $73,737, the asset is now in a steady sideways movement before it supasses this previous ATH again.

Most Bitcoin price analyst expect the slow sideways movement to carry out for mosnth possibly. However, the price of Bitcoin (BTC) could also surge at anytime depending on retail entry, market makers, and the sway of the market. 

There are x2 more #BTC being bought than produced since halvingExchanges sitting at an all time low of BTC supply, means there are almost no more Bitcoin to buy, means price upYou can’t stop this wave of supply shock that is coming. Even MtGox wouldn’t change anything here..

— Doctor Profit (@DrProfitCrypto) May 29, 2024

In particular, popular crypto analysts such as Doctor Profit, known for his accurate predictions, notices an interesting supply observance. Specifically, Doctor Profit notes that Bitcoin (BTC) is being bought off of crypto exchanges at twice the speed it was being bought before the Bitcoin Halving event.

Now, after the successful carrying out of the Bitcoin Halving event. Bitcoin holders are buying out Bitcoin (BTC) at twice the speed. This move leads the analyst to perceive that exchanges are sitting at an all time low of BTC supply. This means that there is almost no Bitcoin left to buy which in turn could likely result in massive BTC price spikes.

He ends his message saying there is no stopping this incredible Bitcoin (BTC) supply shock coming for the market. In accordance with the market, BTC price surging will certainly lead to altcoin prices surging as well. 

May 29 ETF Update Total Net Inflows +419 #Bitcoin ($28.3m)Highlights:Blackrock + 364 BTCFidelity + 263 BTCBitwise + 163 BTCGBTC – 462 BTC pic.twitter.com/R7tS2kioiG

— Thomas | heyapollo.com (@thomas_fahrer) May 30, 2024

As a side note, total net inflows for Bitcoin (BTC) ETFs have now surpassed $28,300,000. Of these numbers, BlackRock has secured over 364 BTC, Fidelity over 263 BTC, Bitwise over 163 BTC, and GBTC has over 462 BTC. Truly it will be exciting to see when the Bitcoin supply shock will come into play for the BTC price.

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