The forgotten process of launching (not even approval, because it exists) spot Ethereum ETFs continues. The crowd actually ignores this news against the backdrop of: BTC sales by Germany/Saxony, compensation to Mt.Gox clients, Fear and Greed Index at level 28.
Meanwhile, CCO#Bitwise(one of the issuers of the Ethereum ETF), Catherine Dowling, stated that the entry of the Ethereum ETF into the market is already at the finish line. And that the SEC has fewer and fewer edits to S-1 filings for Ethereum-based ETFs. However, according to her, the final date is still unknown.
Earlier in recent days, issuers of Ethereum spot ETFs in the United States filed updated Forms S-1 with the SEC, according to the previously established deadline. Among them are #BlackRock, #Fidelity, #Grayscale,#21Shares(their partners #ArInvest, we remind you, withdrew from the race in this story and there are rumors that they are more interested in the Solana ETF),#FranklinTempletonand #VanEck.
Analysts are targeting the listing on July 18, after new adjustments are made. Interestingly, this date coincides with the launch of #Grayscale's Ethereum Mini Trust.
#Grayscale is going to register an Ethereum Mini Trust, to which it will send 10% of the#ETHcurrently in their “big” Ethereum Trust (ETHE). And, unlike a large trust with its high commissions, in a mini trust the commissions will be much more modest. According to analysts, this is how the company is reinsuring itself in competition with other issuers and wants to reduce the potential outflow of capital from its trust. There was a similar outflow in the story of the Bitcoin ETF.
Potentially, this, by the way, could significantly reduce the psychological and actual selling pressure on the ETH price after the launch of spot ETF trading.
What is happening in the on-chain in the meantime?
-#Matrixportreports that long positions in ETH futures have increased to 3,100,000 ETH. They see the reason for this precisely because traders are expecting the imminent launch of the Ethereum ETF.
- #Glassnode, with reference to their data, write that whales have again begun to actively accumulate ETH.
-#CoiMetricsremind you that currently 40% of the ETH supply is blocked, which can significantly affect the price:
-- 28% of coins are staked,
-- another 12% is locked in smart contracts and bridges.
True, there are also bearish signals. For example, #Golem, one of the oldest projects on the market, which collected 820,000 ETH during an ICO back in November 2016, is selling coins. Over the past month, the company has transferred more than $100 million in ETH to exchanges. Most of them, 26,000 ETH (about $79 million) - in recent days.#Nansenanalysts are confused by this trend.
