The countdown has begun for the launch of Spot Ether (ETH) exchange traded funds (ETF). According to Cointelegraph, sources indicate that ETF issuers are about to receive final approval from the US Securities and Exchange Commission (SEC). This development may allow these funds to be listed within the next week.
Spot Ether ETF issuers are eager to receive approval from the SEC. The issuers expect to receive approval by July 12, according to a source who requested anonymity. This process involves many companies such as VanEck and 21Shares.
Currently, approximately eight spot Ether ETF issuers are awaiting regulatory approval and filed amended filings with the SEC this week. Once approval is received, it is aimed to start listing these funds. Crypto analyst Tom Dunleavy predicts that Ether spot ETFs could attract billions of dollars of inflows once listed, which could significantly increase Ether's spot price.
Dunleavy stated that since the ETH supply on exchanges is lower, interest in ETFs may push the price higher compared to Bitcoin. Much of the demand for Spot Ether ETFs comes from crypto-native hedge funds that have held billions of dollars worth of spot Ether for years. These funds can acquire shares of the ETF by exchanging the assets with institutional market makers. According to the source, many crypto-native funds with total assets under management exceeding $1 billion are showing interest in ETH ETFs.
Once listed, Spot Ether ETFs will join existing publicly traded crypto funds. Nearly a dozen spot Bitcoin ETFs, which began trading after receiving regulatory approval in January, now hold more than $50 billion in Bitcoin. Dunleavy predicts that Ether ETFs could attract inflows of up to $10 billion in the coming months.
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I EXPLAIN IN DETAIL.
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