Ethereum (ETH) Surges 5% Ahead Of The Anticipated Spoth Ethereum ETF Decision This Week

Ethereum’s price has surged by 5%, surpassing $3,300 amid the much anticipated SEC’s decision to approve several spot Ethereum ETFs.

Sophia Cruz•Monday, July 15, 2024•2 min read

Ethereum’s price has surged by 5%, surpassing $3,300 amid the much anticipated SEC’s decision to approve several spot Ethereum ETFs. Analysts expect that the approval could have a significant impact on the market.

Ethereum (ETH) Surges 5% Ahead Of The Anticipated Spoth Ethereum ETF Decision This Week

Nate Geraci, president of the ETF Store, has expressed his confidence in the SEC’s imminent approval of the ETFs. In an X post, Geraci believes that the spot ETH ETF will approved this week, seeing no reason for further delay, and stating that issuers are ready for launch.

His comments reflect the widespread industry belief that the SEC is prepared to approve these products after several weeks of regulatory review

This sentiment is shared by Bloomberg analysts Eric Balchunas and James Seyffart, who predict that the ETFs could begin trading as soon as mid-July. The minimal feedback from the SEC on the final registration statements suggests that the applications are close to approval. Matt Hougan of Bitwise Asset Management also noted the quick progress, highlighting the minimal adjustments needed in recent filings.

In this case, analysts agree that the launch of spot Ethereum ETFs could be a major catalyst for Ethereum’s price in the coming months.

Furthermore, the potential approval of spot Ethereum ETFs has sparked considerable interest among institutional investors and financial advisors. Nate Geraci noted the growing demand for crypto assets, suggesting that Ethereum ETFs could mirror the substantial success seen with Bitcoin ETFs.

He highlighted Bitcoin ETFs as having the most successful launch in industry history in cumulative terms. Geraci speculated that Ethereum ETFs could similarity achieve significant success, potentially becoming the second most successful ETF launch ever, Bitwise Asset Management forecasts that spot Ethereum ETFs could attract $15 billion in net inflows by the end of 2025.

As the crypto community eagerly awaits, the SEC’s decision on Ethereum ETFs could represent a pivotal moment for the market, stimulating substantial interest and investment in Ethereum and bolstering its price.

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Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.