On July 18, the US Securities and Exchange Commission (SEC) approved applications to launch two Ethereum-based exchange-traded funds: a mini ETF from Grayscale and an ETF from ProShares.
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In this regard, some media outlets suggested that trading would begin on July 23. This view was echoed by Eric Balchunas, a stock analyst at Bloomberg. He also noted that this would happen “barring unforeseen circumstances.”
On July 19, CBOE published documents confirming the expected launch timing of funds from five issuers.
Amid news about the imminent launch of new ETFs, the second-largest cryptocurrency by capitalization surpassed the $3,500 mark.
However, according to analyst and founder of Into The Cryptoverse Benjamin Cowen, the price of Ethereum risks falling if the supply of the asset continues to increase at the current pace.
He claims that the number of new coins has been growing by approximately 60,000 ETH every 30 days over the past four months.
DEX Vertex Protocol CEO Darius Tabai holds the opposite opinion. He believes that the launch of Ethereum-ETF could have a positive impact on altcoins. Bitwise predicted that Ether will rise above $5,000 after the launch of exchange-traded funds.
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