How Will ETH Trade Ahead Of Spot Ethereum ETF Decision?

Technology

The Last Sign To Watch Ahead of Launch – Crypto News

Published

1 year ago

July 22, 2024

Dripp

After months of anticipation and several regulatory hurdles crossed with the United States Securities and Exchange Commission (SEC), the spot Ethereum ETF is set to go live for trading. The eight approved digital products are likely to go live on the Chicago Board Option Exchange (Cboe) and NYSE Arca on July 23.

Key Developments and Expectations

James Seyffart, Bloomberg Senior ETF Analyst in an explanatory post on X regarding the much anticipated digital asset, shared what investors and stakeholders can expect once spot Ethereum ETF begins trading. One of the notable developments will be on the official website of the SEC.

What are we expecting today for the Ethereum ETFs?

We expect them to begin trading tomorrow. That means we should see a bunch of filings on SEC site today that say the ETFs’ prospectuses have gone “effective”. Likely after or around market close. Here are the race entrants: pic.twitter.com/AkBxEjBRvv

— James Seyffart (@JSeyff) July 22, 2024

According to Seyffart, after the close of market on July 22, the SEC website will have to update its platform with new filings. The update will signal to the global community that the ETFs prospectuses are now effective.

Notably, the entrants on the Cboe include Franklin Ethereum ETF, VanEck Ethereum ETF, 21Shares Core Ethereum ETF, Fidelity Ethereum ETF and Invesco Galaxy Ethereum ETF. Each of the aforementioned have a waiver on transaction fees ranging from six months to one year except Invesco Galaxy Ethereum ETF with no waiver granted by the issuer.

Additionally, the five issuers trading on the Cboe have Coinbase as their custodian with the exception of VanEck Ethereum ETF. Gemini will serve as the custodian for VanEck.

Implications of Spot Ethereum ETF Launch

Meanwhile, Grayscale Ethereum Mini Trust, Bitwise Ethereum ETF and Grayscale Ethereum Trust will be trading on the New York Stock Exchange. The trio also have Coinbase as their custodian.

The broader crypto community will be keenly watching the milestone event when trading goes live, particularly, investors in Ethereum ETF and how it will impact on the price of ETH. Principally, stakeholders will be interested to see if the development will cause market excitement with visible trading surge.

While there have been several bullish predictions for the effect trading of spot Ethereum will have on price, some analysts consider the SEC’s approval and listing for trading a major win already. According to them, this is another giant step towards the legitimization of crypto products.

At the moment, the price of ETH is priced for $3,469.57, down 1.53% in the past 24 hours.