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One of the hottest topics of 2023 was cryptocurrency ETFs. Following this, events in the cryptocurrency world changed completely after the spot Bitcoin ETF decision on January 10, 2024. During this process, the Bitcoin price caught all investors‘ attention with a market-shaking rise two months after the approval. By the end of the process, Bitcoin reached its ATH, and cryptocurrencies also experienced rises, turning attention to Ethereum. At the end of last month, the SEC approved spot Ethereum ETFs, and attention turned to when the S-1 documents would be approved.
Analyst’s Comment on S-1 Documents for Ethereum ETFs
Recently, Eric Balchunas, who has been frequently mentioned in the spot ETF process in cryptocurrencies, made an important statement about when the historically significant S-1 documents for the future of the spot Ethereum ETF could be approved, suggesting that the process could reach approval on July 2.
The analyst’s statement on X was as follows:
We are moving our over/under date for the launch of the spot Ether ETF to July 2. We heard that staff sent comments to issuers about the S-1s today, and they are quite light, nothing major, wanting them back within a week. Good chance they will declare them effective next week and get it off their plate during the holiday week. Anything is possible, but this is our best guess for now.
Eric Balchunas had drawn all attention with his statements before May 23, and within a few days, the spot Ethereum ETF was approved by the SEC.
Considering this approval process, the predictions may be beyond an expectation in terms of the process, but this view is not definitive.
What is Ethereum’s Price?
Following the announcement, there was movement in the Ethereum price. The Ethereum price returned to the $3,500 level after a rise of over 1% in the last 24 hours. This rise also pushed the market cap up.
Ethereum’s market cap surpassed $419 billion, and the rise in the 24-hour trading volume did not go unnoticed. The 24-hour trading volume rose to $15 billion after a 4.30% increase.
