Developments in the cryptocurrency market continue to attract attention. Accordingly, with the expectation that Spot Ethereum exchange-traded funds will be launched by the end of this week, Ethereum’s price rose above $3,300. Ethereum is currently trading at $3,331 and has increased by 16% from $2,909 last week, according to TradingView data.
What’s Happening on the Ethereum Front?
ETF analyst and The ETF Store president Nate Geraci predicted on X that eight spot Ethereum ETF listings would open by the end of this week and shared the following on July 14:
“Welcome to Ethereum ETF approval week. I don’t know anything specific, but at this point, I can’t find a good reason for further delay.”
According to Geraci, an anonymous source close to the hearings said on July 12 that spot Ethereum funds are expected to be launched by the end of this week. Many issuers, including VanEck and 21Shares, submitted amended registration applications last week hoping to receive final approval from the SEC to start listing spot Ethereum ETF funds. Many analysts suggest that the launch of ETFs will be a significant factor for Ethereum’s price in the coming months.
Notable Statement from a Famous Figure
Tom Dunleavy, managing partner of the crypto investment firm MV Global, stated that he expects the funds to attract up to $10 billion in new inflows in the months following their launch and predicted that this would push Ethereum prices to all-time highs. The executive also said, contrary to the popular view among other ETF analysts, that Ethereum ETF funds would be an easier sell for Wall Street compared to Bitcoin ETF funds:
“We believe there will be strong buying pressure with a much clearer narrative that traditional investors can understand. Ethereum has cash flow.”
Dunleavy continued by saying that ETF funds could be described as a technology stock, a crypto app store, or an internet bond:
“This is a much easier sell for financial advisors than digital gold.”
The famous figure also added that Ethereum’s price movement, which has lagged behind Bitcoin over the past 18 months, would quickly recover following the launch of the funds.
