After the recent amendment of Form S-1 for a spot Ethereum ETF (Exchange Traded Fund) by asset management giants Fidelity, VanEck, Franklin, and 21Shares in the United States, the market has turned green after a notable fall. Following this amendment of Form S-1, the overall cryptocurrency market has experienced a significant price surge, including the world’s biggest digital assets Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Amended Ether ETF filing turns the market green
According to coinmarketcap, in the last 24 hours BTC, ETH, and SOL have experienced a price surge of over 3.5%, 5.5%, and 6.5% respectively. This update in the market has added hope among investors and traders, who were in a panic following the continuous BTC dumping by whales and the governments of the United States and Germany in recent days.
These filings by the asset managers have not mentioned the launch date on U.S. exchanges, but recently SEC chairman Gary Gensler stated that the launch would be as soon as practicable after the effective date. However, this amended filing might be at the last stage of approval before it can be listed.
When spot Ethereum ETF launch?
However, Bloomberg ETF expert Eric Balchunas made a post on X stating that there is a high possibility that the SEC may green light spot Ether ETF by July 18, 2024. In a post on X, Eric stated that. “We don’t have a new over/under launch date yet because we haven’t heard what the SEC’s game plan is. Hope to hear soon. But if you forced me gun to head style to give my best guess for date I’d go with July 18th.”
At press time, ETH is trading near $3,085 and it experienced over 5.5% price surge in the last 24 hours. Following this update, Ethereum’s 24-hour trading volume rose by 49%, indicating traders and investors strong participation.
If we look at the performance of ETH over a longer period, it experienced over 10% of price drop. Whereas, in the last 30 days, ETH has lost over 16% of its value.
It will be more exciting that where ETH moves in the coming days, as in the last few weeks market has experienced notable dumps by whales and institutions that have turned the market bearish.
