Bittime - On May 23, the US SEC approved eight 19b-4 ETF applications from leading companies such as BlackRock, Fidelity, Grayscale, ARKInvest, VanEck, Invesco Galaxy, and Franklin Templeton. This approval has fueled speculation about whent he ETH ETF will be listed and start trading. While Bitcoin ETFs took years to finally get listed on the NYSE, ETF experts believe that Ether ETFs will take less time.
'Maximum 2-3 Months'
Although a Bitcoin futures ETF was approved in October 2021, it took the SEC more than two years to approve its listing on the Nasdaq or NYSE. Nate Geraci, President of ETF Store, believes that while no one knows for sure, the SEC has done the 'heavy lifting'—aka the basic basis for making decisions—while approving the Bitcoin Spot ETF and ETH futures ETF.
Lipper Alpha Insights stated that on January 10, 2024, when the BTC ETF was listed, the SEC also approved successive rule changes allowing exchanges to list ETH ETFs in the future after form 19b-4 was approved on May 23. Therefore, as per Geraci's personal opinion, he believes that the ETH ETF listing could take place in the 'next few weeks' or 'maximum 2-3 months', depending on how long the SEC wants to delay and extend it.
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'4th of July Maybe?'
Eric Balchunas, Bloomberg's senior ETF analyst, suggested in a lighthearted manner that the SEC could decide whether ETH ETFs should be listed before or after July 4. This is in line with the belief that the SEC has already cleared most of the regulatory hurdles with its prior approval of a Bitcoin ETF, which would likely provide good news for Americans to celebrate alongside Independence Day.
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Less Expected Time Than Bitcoin ETFs
Meanwhile, on Monday morning, James Seyffart, another Bloomberg Intelligence expert, offered a clearer answer and perspective during an interview on the Bankless HQ podcast. Seyffart said, “I don't think anyone knows exactly when it will be approved.” He explained that it could take weeks to months before the SEC approves the trade's required S-1 forms.
He cited that a Bitcoin ETF took three months after filing to gain approval, adding that an Ethereum ETF may have a similar, if not faster, journey.
Also read: Regulatory Overview of Ethereum ETF Proposals
Ethereum Price Now on Crypto Rally
Anticipation of an Ethereum ETF has contributed to the bullish sentiment spreading across the market. Ethereum has risen to $3,932, up 3.4% over the past 24 hours and 35% over the past two weeks. The rise is partly due to former President Donald Trump's pro-crypto comments, which have increased confidence in digital asset markets.
Impact on Crypto Markets
Crypto market making firm QCP Capital noted, “From today's price action, it appears market participants are expressing their bullishness on ETH versus BTC, especially with potential institutional demand once ETH spot ETFs begin trading.” The approval of an Ethereum ETF not only adds an extra layer of legitimacy and defense to Bitcoin but also accelerates institutional adoption of cryptocurrencies as a whole.
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In conclusion, the approval of an Ethereum ETF by the SEC is a significant step that not only affects Ethereum but the entire crypto market. With the potential for faster validation compared to Bitcoin ETFs, the crypto market is poised to experience major changes in the coming months.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Ethereum ETF Still Unclear Due to Ether Status Problem
Positive Impact of Ethereum ETF Approval On Bitcoin
SEC Ethereum ETF Decision: Pre-Expectations Review
US SEC Gives Green Light to Ethereum Spot ETF?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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