The U.S. Securities and Exchange Commission (SEC) is really putting the issuers of spot Ethereum ETFs on the edge of their seats while making them wait for longer. Moreover, the ETH bulls are also waiting for a major Ethereum price rally following the approval process.

Nate Geraci Predicts Timeline for Ethereum ETF Approval

ETF Store President Nate Geraci recently shared his observations of the SEC’s approach towards the spot Ethereum ETFs review process. Geraci stated that the US SEC seems to be treating the spot Ethereum ETF S-1 filings in a manner similar to the 19b-4 forms, thereby maintaining a high level of secrecy in the matter.

Despite the silence, Geraci believes that the approval shall happen by the next week. “I still think approval is likely next week. There is absolutely no reason for delay,” he said.

It appears the SEC is playing the spot eth ETF S-1s similar to the 19b-4s…

*Extremely* tight-lipped.

Still think approval next week. Absolutely no reason for delay.

— Nate Geraci (@NateGeraci) July 12, 2024

Bloomberg’s ETF strategist Eric Balchunas also commented on the SEC’s lack of action regarding the Ethereum ETFs. He said that there’s been no communication throughout this week after the issuers submitted S-1 forms on Monday. This leaves the issuers puzzled over the delay.

“Every issuer is ready. Docs are ready. It’s like a rain delay in baseball. Gotta just wait,” Balchunas remarked. He expressed hope that the situation might progress quickly next week, but uncertainty remains. As per the market sentiment, the issuers are expecting one more filing submission before the final approval by the SEC.

Also Read: ETH Gas Fee Flashes Inactivity Concerns Before Ethereum ETF Approval

Top Players Accumulate ETH Before the ETF Approval

Over the last few weeks, some of the top market market players and Ethereum whales have been accumulating ETH in preparation for the ETF approval.

Thomas Perfumo, the head of Strategy at Kraken showed that the US Ethereum ETFs can see inflows to the tune of $1 billion every month following the approval. Additionally, big market players like Tron founder Justin Sun have accumulated $1.1 billion worth of Ethereum gearing up for a big rally ahead.

As of press time, the Ethereum price is trading 1.25% up trading at $3,123 with a market cap of $375 billion. Ethereum bulls should take the price past $3,200 in order to trigger the bull run up to $4,000 and beyond.

Also Read: Bitwise Executive Says Ethereum ETF Is Close to the Finish Line

The post Spot Ethereum ETF Approval: How Long Will US SEC Maintain Silence? appeared first on CoinGape.

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Filed under: News - @ July 13, 2024 4:29 am