According to multiple sources, the SEC plans to approve the Ethereum ETF to be officially traded in the United States next Tuesday.
The cryptocurrency industry has once again received good news. According to two people familiar with the matter, the U.S. Securities and Exchange Commission informed potential issuers of the Ethereum ETF on Monday that the fund is expected to start trading in the U.S. market next Tuesday.
One of the sources said SEC officials told an issuer that the regulator had no further recommendations on the recently submitted S-1 document and that the final version needed to be submitted by Wednesday, after which the Ethereum ETF could be listed on a U.S. exchange on July 23.
The second source also said that the Ethereum ETF will be listed after the close of next Monday and begin trading next Tuesday.
After the SEC approved key documents for the Ethereum ETF listing at the end of May, the market expected that the fund's listing had entered the final stage. The regulatory agency's approval of the applicant's S-1 filing is the final step.
The next darling of capital?
Since the United States approved the spot Bitcoin ETF in January this year, many financial institutions have begun to compete fiercely for the issuance of Ethereum ETFs. The fund allows investors to bet on the price trend of Ethereum without directly holding Ethereum, which reduces the difficulty of trading.
The outstanding performance of Bitcoin ETF this year is also an important reference for the investment market to bet on Ethereum ETF. As of July 12, Bitcoin ETF has accumulated a net inflow of US$15.8 billion, with the highest single-day net inflow record of US$1.05 billion. This has led financial institutions including BlackRock and Fidelity to try hard to persuade the SEC to launch Ethereum ETF as soon as possible.
According to a new report, analysts believe that Ethereum could outperform Bitcoin following the launch of the much-anticipated Ethereum ETF in the United States.
It pointed out that due to the low market liquidity of Ethereum and the fact that Ethereum reserves are almost all supported by Ethereum exchanges and are at their lowest level in many years, when institutional demand explodes, it will immediately affect the price of Ethereum, causing it to rise sharply.
Institutional investor Tom Dunleavy predicts that the Ethereum ETF will grow rapidly at a rate of about $1 billion per month, eventually reaching a scale of $10 billion.
