Confirmed Launch Date for Ethereum ETF as ETH Surpasses $3400: What Comes Next?

Spot Ethereum ETFs are poised to commence trading next Tuesday as the Securities and Exchange Commission (SEC) finalizes drafts from potential issuers. Ethereum (ETH) surged above $3400 today, reaching an intraday peak of $3,498 on CoinMarketCap before stabilizing at $3,445, marking a 3.64% increase in the past 24 hours.

After recovering from a dip below $3,000 last week, ETH was trading 12.8% higher over the last seven days but still down 13.2% from its March 11 high. The recent uptrend follows reports hinting at the imminent approval of a U.S. spot Ethereum exchange-traded fund (ETF) next week.

ETF market analyst Nate Geraci confidently predicted the SEC’s approval of resubmitted registration statements, stating, “Welcome to spot [ETH] ETF approval week. I’m calling it. Don’t know anything specific, just can’t come up [without] good reason for any further delay at this point. Issuers ready for launch.” Bloomberg’s Eric Balchunas echoed Geraci’s sentiment, noting that only an unforeseen last-minute issue could postpone the launch.

According to a report from Reuters dated July 15, the SEC is likely to greenlight applications from at least three issuers — BlackRock, VanEck, and Franklin Templeton — for trading to commence “next Monday,” pending the submission of final documents by the end of the week.

Anticipation in the market has been mounting since the SEC approved applicants’ forms 19b-4 in May, with feedback provided in June on filed S-1 forms requiring review. Last week, the SEC requested eight asset managers seeking approval for spot Ethereum ETFs to submit amended S-1 registration statements.

The approval of a spot Ethereum ETF is expected to have a significant impact on the Ethereum market and the broader crypto industry. These ETF offerings, linked to Ether’s spot price, offer investors a regulated avenue to gain exposure to the altcoin through a financial product.

Most market analysts anticipate that Ether ETFs could attract institutional investment flows, mirroring the influx seen with spot Bitcoin ETFs earlier this year, which have drawn $16.12 billion in inflows since their launch.

Notably, the anticipated launch date coincides with the 2024 Bitcoin conference in Nashville from July 25 to 27, featuring key speakers such as Michael Saylor, Cathie Wood, Robert Kennedy Jr, and Donald Trump.