Spot Ether ETFs Expected to Begin Trading in the U.S. in July: Bloomberg Analyst Eric Balchunas

Spot Ether (ETH) exchange-traded funds (ETFs) are expected to hit the U.S. market in July, according to Bloomberg analyst Eric Balchunas. Balchunas revised his forecast, setting the over/under date for the launch of spot Ether ETFs on July 2.

The U.S. Securities and Exchange Commission (SEC) has sent comments on the S-1 filings to issuers, with Balchunas describing them as “pretty light” and without major issues. The SEC has requested responses within a week, indicating a potential approval before the upcoming holiday weekend.

SEC Chairman Gary Gensler recently provided insight on ETH ETFs during his testimony, stating that he anticipates the approval of spot Ethereum ETFs by the end of the summer. This announcement has bolstered expectations for approval in the coming months, despite potential delays.

However, there is uncertainty surrounding the approval process, with some observers noting that Ethereum ETFs may not garner as much attention as Bitcoin ETFs due to the lack of staking capabilities. SEC Commissioner Hester Peirce has expressed skepticism about the SEC’s treatment of Ethereum, highlighting the challenges posed by categorizing Ether as a security.

The approval journey for Ethereum ETFs has seen progress, with the SEC approving eight 19b-4 filings in May. While trading of these ETFs is pending S-1 registration statement approvals, this development marks a significant step forward for the cryptocurrency industry.

As the anticipation for spot Ether ETFs grows, the price of Ethereum (ETH) currently stands at around $3,562.97, showing a 2.5% increase in the last 24 hours. Despite this uptick, ETH remains down by 3.5% on a weekly basis, according to CoinGecko data. Stay tuned for updates on the evolving landscape of cryptocurrency ETFs.