Bloomberg ETF experts have changed their forecasts on the approval of spot Ethereum ETFs.
Bloomberg ETF analyst Eric Balchunas believes that Ethereum spot ETF approval could happen as early as next week.
Initially, Balchunas and his colleague, James Seyffart, anticipated that ether spot funds could begin trading on US stock exchanges as early as July 2. However, over the weekend, experts decided extend the date they had originally planned for the launch of Ethereum ETFs, considering the latest decisions taken by the Securities and Exchange Commission (SEC).
SEC asks issuers to adjust S-1s
The federal agency that regulates financial markets in the United States returned to the issuers the S-1 form filings of the funds, which are pending approval for the start of the trading of the ETH spot ETFs. This is in order for the issuers to address the agency's new comments and make some necessary adjustments to the forms.
The SEC's recent decision poses an obstacle to the launch of the funds' listing this week, which is why experts have extended the possible date of approval of these filings and the start of trading of these investment vehicles on US soil.
Now the SEC has until next July 8th to respond to fund issuers regarding the approval of these forms.
Ethereum ETFs could go live on July 8
Now that the SEC has asked fund issuers to make changes to their S-1 filings, Bloomberg analysts see July 8 as the most likely date for cryptocurrency investment funds to be approved.
In addition to this, Balchunas commented that it is unlikely that there will be any major movements this week, taking into account the upcoming holidays. The United States celebrates Independence Day every July 4, so Balchunas commented that it will be a “dead” week for regulators.
For his part, Nate Geraci, president of ETF Store, anticipates that Ethereum ETFs will get the green light soon. However, said that the SEC is also likely to delay its ruling on the S-1s of these spot ETFs until the end of this month, although, in his personal opinion, he believes it should not take so long to do so.
The approval of the Ethereum-based spot ETFs took place on May 23, when the federal regulator gave the green light to the funds' 19B-4 filings. However, as this outlet has explained, the approval of the S-1 filings is crucial for these ether-based investment instruments to come to market and for investors to be able to start trading them.
SEC Chairman Gary Gensler said that The approval process for these submissions is proceeding smoothly. and that these will receive the green light before the end of the summer.
The ETF could be a potential catalyst for the price of ETH
Ethereum's native cryptocurrency, ETH, is trading at around $3.450 dollars per unit, at the time of writing this article. The price of this cryptocurrency is showing a slight weekly recovery, rising 2,9% over the last 7 days.
Source: CoinMarketCap
So far, the approval of Ethereum spot ETFs has not had a significant impact on the price of the cryptocurrency. However, analysts believe that the listing of these financial instruments on the market could still become a potential catalyst for the rise of ETH.
Bitwise’s Matt Hougan believes Ethereum ETFs will attract close to $15.000 billion in their first year. In addition to this, experts have pointed out that the listing of these investment funds could have significant implications for the rest of the cryptocurrency market, especially now that two fund issuers are seeking regulatory approval to launch a Solana spot ETF in the United States.
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