The United States Securities and Exchange Commission (SEC) has approved spot Ethereum ETF for trading. After weeks of speculations on the exact timeline the product will go live, this latest approval has ended related doubts.
Ethereum ETF Dynamics
According to Eric Balchunas, the markets regulator approved the offering by putting up the 424(b) forms on its website. This is in essence a major approval that preceded the S-1 filing from the prospective issuers.
The broader digital currency ecosystem had been preparing for this approval for weeks. The Chicago Board Options Exchange (Cboe) and NYSE Arca have both affirmed the ETF products they will be listing.Â
Specifically, the Cboe identified support for Fidelity Ethereum Fund, Franklin Ethereum ETF, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and the 21Shares Core Ethereum ETF. NYSE Arca on the other hand is set to support the trading of Grayscale, and Bitwise.
With the listing, the products might start trading from 9:30 AM on Tuesday according to the update shared by Eric Balchunas.
It’s official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling in now, the last step = all systems go for tomorrow’s 930am launch. Game on. pic.twitter.com/9MaBDBA8co
— Eric Balchunas (@EricBalchunas) July 22, 2024
It is not news that many other intricacies are tied to the spot Ethereum ETF approval and listing, the market is more concerned about the impact on the price of the asset as a whole.
ETH Price Seem Unfazed
Despite the positive news that the market anticipated for weeks, Ethereum’s price is not immediately moving positively as of writing. Per data from CoinMarketCap, the coin is changing hands for $3,450, down by more than 2% in 24 hours.
While it is not immediately clear why the prices are falling, the trend might change once trading starts. Like Bitcoin price, Ethereum may benefit from the intensive inflow that might trail the launch of this product.Â
The listing is also expected to draw an intense rebound in the broader digital currency ecosystem, beginning with Ethereum-linked altcoins.
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