Ethereum Gains as Ethereum ETF Approval Nears, Bitcoin ETFs See Outflows
The post Ethereum Gains as Ethereum ETF Approval Nears, Bitcoin ETFs See Outflows appeared on BitcoinEthereumNews.com.
Contrasting with the lengthy approval process of Bitcoin ETFs, Ethereum ETFs might see faster regulatory clearance. As SEC finalizes Ethereum ETFs, Ethereum shows slight market gains against the broader cryptocurrency market downturn. Recent updates suggest a potential early July approval for Ethereum ETFs, as indicated by Bloomberg’s senior analyst Eric Balchunas. Following a positive review by the Securities and Exchange Commission (SEC), Balchunas pinpointed July 2 as a likely start date for these ETFs. This prediction aligns with SEC Chair Gary Gensler’s earlier statement forecasting approvals during the summer. UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they’re pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next… https://t.co/XJZ8JLwEFF — Eric Balchunas (@EricBalchunas) June 14, 2024 SEC Review and Anticipated Timeline Balchunas noted that the SEC’s recent feedback on S-1 filings from ETF issuers was minor and primarily procedural, requesting responses within a week. This swift interaction suggests that the SEC could finalize the ETFs’ approval just before the July 4 holiday. Such timing could coincide strategically with national celebrations, enhancing the launch’s visibility. Note: our previous over/under was July 4th so this isn’t major shift but 1) we startted to feel like it would take longer so this is kinda good news and b) we basically decide the over/under on where are most torn 50-50 on where to bet and July 2nd is that date right now. – said Balchunas in X Comparison with Bitcoin ETFs The anticipated rapid approval of Ethereum ETFs contrasts sharply with the lengthy process Bitcoin ETFs underwent. The application process for Bitcoin ETFs began in July 2013 with the Winklevoss twins and concluded…
Filed under: News - @ June 16, 2024 12:14 pm