The recent drop in the price of ETH below $3,500 coincided with a 30 percent increase in trading volume, indicating a sell-off.
According to Coinglass, $11 million worth of long positions were liquidated following the recent price drop. Open interest in #ЛюбимыйТокен has also reached US$15 billion.
The high level of open interest indicates that many option contracts are still outstanding. Thus, market participants are keeping a close eye on the #ЛюбимыйТокен price, indicating speculative trading.
In the weeks leading up to the #ETF launch, the price of ETH may continue to fluctuate. Some believe that ETH could replicate the #bitcoin price gains following the launch of the bitcoin spot ETF, but others are less optimistic.
Earlier this month, analysts at JP Morgan noted that an ETF for ETH would attract inflows of $1 billion to $3 billion, down from $15 billion for bitcoin.
In a post on X (Twitter), Bartunas noted that the U. S. Securities and Exchange Commission (SEC) is engaging with the ETH ETF applicant in the final approval process for the ETH ETF.
According to the analyst, the SEC sent comments on the S-1 registration statement to eight Ether ETF applicants last week. The Commission expects issuers to respond to the comments within a week and push back the launch date to July 2.
Today, we're told that the Commission has sent the issuers comments on the S-1, which are pretty light, non-serious comments, and is asking for them back within a week. They will announce it next week and have it in place in time for the holiday weekend," says the analyst.
He also says that if his prediction turns out to be correct and the ETF receives final approval on July 2, trading will likely begin on July 3.
Bartunas' prediction comes just days after SEC Chairman Gary Gensler said S-1 approval would happen "sometime this summer.
At a U. S. Senate hearing on the SEC's budget last week, Mr.
Read us at: Compass Investments
