Ethereum
Spot the Ethereum ETFs going live this week? Analyst Describes Possibility After Earlier Saying ‘No Reason for Delay’ by Benzinga
Benzinga- Nate Geracipresident of The ETF Instituteanticipates approvals for the spot Ethereum (CRYPTO: ETH) ETF this week, likely to shake up the cryptocurrency market.
What happened: On Sunday, Geraci took XPreviously Twitterto share his prediction, stating: “I’m deciphering this because spot ETH ETFs will be approved this week… Just me though.
I’m deciphering this because spot eth ETFs will be approved this week…
Just me anyway. https://t.co/rFrMThytgC
— Nate Geraci (@NateGeraci) June 23, 2024
Geraci’s views were consistent with his forecast two weeks ago when he said he would be shocked if spot ETFs didn’t receive green signals before the end of the month. “No reason to delay,” he said.
See also: Anthony Scaramucci Says Crypto Will Skyrocket If This Presidential Candidate Wins Election: ‘I Think We’ll See All-Time Highs for Bitcoin and Other Assets’
Why is this important: Speculation on Ethereum spot ETFs has intensified, says Bloomberg ETF analyst Eric Balchunas delaying the launch date of the highly anticipated investment vehicles to July 2 last week, following mild comments from U.S. Securities and Exchange Commission (SEC) staff on S-1 filings, requesting revisions in a week.
The approval of Forms 19b-4 last month brought Ether ETFs one step closer from launch to trading. The SEC will now review updated S-1 registration statements, the final hurdle before cryptocurrency funds become a reality.
The imminent arrival of Ethereum spot ETFs has sparked excitement in the crypto market. Analysts had earlier predicted a potential 60% rise in the price of Ether if the ETF approval followed the trend of Bitcoin (CRYPTO: BTC) ETF.
Price Action: At the time of writing, Ethereum was trading at $3,407.50, down 3% over the past 24 hours, according to data from Benzinga Pro.
Read next: Cryptocurrency analyst predicts Bitcoin will hit $90,000 if it happens
Disclaimer: This content was partially produced with the assistance of Benzinga Neuro and was reviewed and published by Benzinga editors.
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