Very disappointing: ETH spot ETF trading approval will not be possible before 8 July

Two factors show that July 2, 2024, is not going to be an important date for the trading approval of Ethereum spot ETF applications.

As we know, the United States Securities and Exchange Commission (SEC) approved Ethereum spot ETF applications last month, and these are currently awaiting legal approval for trading on stock exchanges.

Experts had predicted that the decision for approval by the US SEC would be on July 2, but now the odds have changed, and a delay of multiple weeks is possible.

As per a latest report by TheBlock, The U.S. Securities and Exchange Commission (SEC) returned the S-1 forms to Ethereum ETF issuers with minor comments. The issuers need to address these comments and refile the forms by July 8.

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SEC returns S-1 forms to Ethereum ETF issuers, with at least one more round to go: Source https://t.co/H2YCVzzUtr

— The Block (@TheBlock__) June 29, 2024

Yesterday, Bloomberg ETF expert Eric Balchunas said that due to multiple holidays next week, no progress on these applications is expected.

Unfort think we gonna have to push back our over/under till after holiday. Sounds like SEC took extra time to get back to ppl this wk (altho again very light tweaks) and from what I hear next wk is dead bc holiday = July 8th the process resumes and soon after that they’ll launch… https://t.co/0ZQR7yiBLt

— Eric Balchunas (@EricBalchunas) June 28, 2024

Eric noted that the approval process for the Ethereum spot ETF applications will be delayed until after the holidays. The SEC took extra time this week to respond with minor comments, and due to next week’s holidays, the process will resume around July 8, with the launch expected soon after.

This news might dampen the bullish sentiment around Ethereum (ETH), but it also gives people an extra week to accumulate Ethereum before the rally.

Analysts predict that the approval of Ethereum spot ETFs will lead to significant capital inflow, boosting Ethereum’s price. Some forecasts suggest a surge of up to 60% following approval, while others, like Rachel Lin from SynFutures, expect Ethereum’s price to climb between $15,000 and $22,500, indicating a potential increase of over 500%.

The current trade price of Ethereum (ETH) coin is $3,384 & this price is 10.8% down over the last 30 days.

Read also: Binance Warns of Increasing Telegram Scams Targeting Crypto Users

Very disappointing: ETH spot ETF trading approval will not be possible before 8 July

 

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