Nairobi (CoinChapter.com)—The US Securities and Exchange Commission (SEC) is reportedly close to approving spot Ethereum ETFs for at least four asset managers, with potential trading beginning as early as next week.
According to Reuters and sources familiar with the matter, BlackRock, Franklin Templeton, and VanEck are among the issuers poised to receive final approval if they submit their final S-1 filings by the end of this week.
According to recent reports, the SEC’s approval will allow spot Ether ETFs to start trading on July 23. Citigroup estimates that inflows could reach $5 billion within six months, slightly modest compared to the launch of spot B iitcoinEthereums
Additionally, eight asset managers, including Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy, are preparing to launch their Ether products simultaneously, following a strategy similar to the spot Bitcoin ETFs rollout.
Wall Street Gears Up for Ether ETF Influx
Matt Hougan, Bitwise’s chief investment officer, predicted spot Ether ETFs could draw up to $15 billion in 18 months. This projection aligns with the performance of spot Bitcoin ETFs since their launch six months ago.
Katherine Dowling, Bitwise’s chief compliance officer, noted fewer issues between issuers and the SEC, suggesting an imminent launch.
According to Eric Balchunas, a Bloomberg ETF analyst, the SEC will officially approve these filings after trading hours on Monday. Consequently, the approval would allow the ETFs to start trading on Tuesday, July 23.
The SEC has instructed issuers to submit their final S-1 filings by July 16, including the fee structure for their spot Ether ETFs.
The upcoming Bitcoin conference next week, where US presidential candidate Donald Trump is listed among the speakers, adds further bullish sentiment to the market.
ETH Eyes $5,100 Target Amidst Bull Market Optimism
Traditional investors are bullish on Ethereum, shown by a $72 million inflow into global Ethereum ETFs, the highest since March. Ethereum CME open interest has also surged, reflecting a growing appetite among U.S. investors for Ether.
Moreover, the In/Out of Money Around Price (IOMAP) indicator from IntoTheBlock highlights key support and resistance levels for Ethereum. Currently, 3.56 million Ethereum addresses hold 2.47 million ETH at an average price of $3,140, signaling strong support. However, 2.02 million addresses are out of money, having bought 4.01 million ETH around $3,242, indicating a potential resistance level.
If Ethereum surpasses this resistance, the next target could be $3,347. Crypto analyst McKenna targets a $5,100 price for Ethereum, emphasizing the potential for significant returns.
Upon approval, these spot Ether ETFs will list on major exchanges, including Nasdaq, the New York Stock Exchange, and the Chicago Board Options Exchange.
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