- Bloomberg ETF analysts are moving up their expected Spot Ether ETF launch date to July 2nd, according to analyst Eric Balchunas.
- The SEC is reportedly asking for S-1 form revisions from ETF issuers to be returned in a week, with a chance of declaring them effective the following week.
- Upon full approval and launch, Ether is expected to boom dramatically, with some price predictions seeing the asset reaching as high as $5,000-$10,000 this summer.
The U.S. Securities and Exchange Commission (SEC) could approve the launch of spot Ether exchange-traded funds (ETFs) as soon as July 2nd, according to Bloomberg analysts. This would be much sooner than the September timeline suggested by SEC Chair Gary Gensler earlier this week. The accelerated timeline comes after signs that the SEC is quickly reviewing and providing feedback on ETF filings. The launch of spot Ether ETFs is highly anticipated and could lead to significant inflows and price appreciation for Ethereum.
Bloomberg Analysts’ July 2nd Prediction
Bloomberg ETF analysts led by Eric Balchunas are now predicting the SEC will approve the launch of spot Ether ETFs by July 2nd. This follows reports that the SEC has been responding to ETF issuers’ S-1 filings with only minor comments and requesting revisions within one week.
Balchunas says the SEC’s feedback on the S-1s has been “pretty light” without any major issues. He believes there is a “decent chance” the SEC could declare the filings effective the week after receiving revisions, potentially allowing ETFs to launch around July 2nd. The SEC could even finalize approvals before the July 4th weekend if they work quickly.
Previous September Timeline from SEC Chair
The accelerated timeline is much faster than recently suggested by SEC Chair Gary Gensler. Earlier this week, Gensler said he expects the SEC to fully approve spot Ether ETFs by September. This followed the SEC’s surprise approval of the first spot Bitcoin ETF in January 2024.
The SEC has long resisted approving crypto ETFs despite their success in other markets. Gensler’s September timeline for Ether ETFs was already seen as an acceleration of the approval process. If Bloomberg’s July 2nd prediction proves accurate, it would represent an even faster turnaround by the SEC.
Market Impact of Ether ETF Approval
The launch of SEC-approved spot Ether ETFs is highly anticipated by investors. Similar to the Bitcoin ETF approval, it is expected to drive significant inflows into Ethereum from both retail and institutional investors.
With Ethereum trading around $3,500 at the time of writing, many analysts predict ETF approvals could propel Ether to new all-time highs above $5,000 or even $10,000 this summer. The inflows and validation from the SEC could be a major catalyst for the Ethereum ecosystem.
Conclusion
The SEC appears to be accelerating its review process for spot Ether ETFs based on feedback provided to issuers. Bloomberg analysts now expect approvals by July 2nd, far sooner than the September timeline suggested by SEC Chair Gensler earlier this week. The launch of long-awaited spot Ether ETFs could be a huge boon for Ethereum, potentially pushing Ether prices to new highs this summer. Investors eagerly await the SEC’s final decision.
