On January 10, 2024, a significant event impacted the global economy, especially the cryptocurrency world, as spot Bitcoin ETFs began trading, marking the culmination of efforts made in 2023. Following this, BTC became the most traded asset in ETF history in a single day, experiencing a rapid price increase followed by a decline. As BTC approached its all-time high, ETH surpassed $4,000. Now, the focus is on when the spot Ethereum ETFs, first approved on May 23, 2024, will begin trading.
Ethereum ETFs and Trading Date
A recent announcement by Bloomberg’s renowned ETF analyst James Seffart created a buzz in the market. The previously predicted start date for trading in the first week of July has been revised.
Seffart’s statement suggested that the ETFs might start trading either next week or during the week of July 15, causing significant excitement in the market.
Meanwhile, companies continue to submit updated S-1 documents. Recently, Bitwise submitted another updated S-1 document. Following these developments, attention has turned to the Ethereum price.
What is the Current Price of Ethereum?
As of the time of writing, the price of Ethereum has unexpectedly declined. Ethereum, affected by Bitcoin’s drop, has pulled back further following the news, causing concern.
As of the time of writing, Ethereum is trading at $3,278, reflecting a 5% drop in the last 24 hours. Over the past week, Ethereum has seen a 2.66% decline.
Following the drop, Ethereum’s market cap has fallen to $394 billion, and its trading volume has increased by 44% due to selling pressure, reaching $14.3 billion.
