January 10, 2024, marked a historic event in the world of cryptocurrencies. The launch of spot Bitcoin ETFs on this date was of historical significance and potentially changed the entire market fundamentally. Contrary to cycles, BTC made an early ATH run after the ETF trading began, and everything suddenly shifted to a different dimension. After the BTC process, attention turned to the spot Ethereum ETF, and following the first approval on May 23, issuers continue to seek answers on when trading might begin. It seems a step from the SEC is awaited in this context.
Current Status of Spot Ethereum ETF
There appears to be activity among Ethereum ETF issuers. On July 8, issuers completed the submission process of S-1 forms. Following this process, issuers awaiting information on the expected trading start date are eagerly awaiting an announcement from the U.S. Securities and Exchange Commission.
A source who received information from the issuers made the following statement:
The next step will be to hear from the SEC about what happens next. Do they want final drafts? By when?
The source also commented on the upcoming announcements from the institution, suggesting that future announcements would be informative.
In May, the 19b-4 forms were approved by the SEC. This was the first stage of the process, and attention then turned to the S-1 documents. Interestingly, while there was a deadline for the first approval, there is no such date for the S-1s, and more importantly, the ETFs need to be definitively approved to start trading. During this process, the S-1 documents have seen multiple updates from the issuers.
However, market participants believe that the process might be nearing its end. Another source commented:
The SEC continues its review, and we seem to be approaching final approval. We are expecting one more final submission, but the timing is uncertain.
Eric Balchunas, a well-known analyst at Bloomberg for cryptocurrency ETFs, suggested that the S-1 approval for spot Ethereum ETFs could happen this month.
Ethereum Price
Amidst all this, Ethereum continues to stay above $3,000. Ethereum price, following a 0.12% rise in the last 24 hours, is trading at $3,120.
Ethereum’s market cap has surpassed $375 billion, while its trading volume has risen by 5.48% in the last 24 hours, exceeding $15.15 billion.
