Spot Ethereum ETFs Expected To Begin Trading On July 2, Can This Propel ETH To $10,000?

Ethereum

Discussions around when the Spot Ethereum ETFs will likely begin trading have continued to heat up. This time, Bloomberg analyst Eric Balchunas and fellow Bloomberg analyst James Seyffart have shared an update on when they expect these funds to begin trading. 

Spot Ethereum ETFs To Begin Trading By July 2

Balchunas stated in an X (formerly Twitter) post that they are moving their “over/under date” for the launch of the Spot Ethereum ETFs to July 2. He revealed they had heard that the Securities and Exchange Commission (SEC) sent fund issuers comments on their respective S-1 filings. These comments are said to be “pretty light” and nothing major, with fund issuers set to file their amended registration statements within a week. 

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The Bloomberg analyst claimed that there is a decent chance that the SEC will declare these S-1 filings effective the next week and that the Commission will work towards approving them before the holiday weekend. He added that anything is possible but that is the timeline they are working with for now. 

These Bloomberg analysts had previously put July 4th as their over/under date for the launch of the Spot Ethereum ETFs. Balchunas acknowledged that the recent shift from July 4th to 2nd wasn’t a major one but was still significant, considering it was beginning to feel like it could take longer before the Spot Ethereum ETFs launch. 

He also clarified that they decided on July 2nd as the over/under date because this is when they remain undecided about whether to go lower or higher. Their latest projection is also good news, considering that SEC Chair Gary Gensler had thrown the crypto community into a bit of limbo with his latest comment. 

While addressing the Senate Banking Committee on June 13, Gensler told Senator Bill Hagerty that the S-1 filings for the Spot Ethereum ETFs will likely be approved “over the course of this summer.” This statement raised the possibility of these funds not being approved until the end of the summer, which will be sometime in September. 

Spot ETFs To Propel ETH To $10,000

The Spot Ethereum ETFs are expected to have a huge impact on Ethereum’s price once they begin trading. Crypto expert Ash Crypto recently mentioned that Ethereum reaching $10,000 is just a “matter of time,” with these funds set to start trading soon. Crypto analyst Eljaboom also alluded to the Spot Ethereum ETFs when he stated that $10,000 is “programmed” for Ethereum in this cycle. 

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Crypto analyst CrediBULL Crypto stated that $10,000 is his minimum target for Ethereum in this bull run and added that the second-largest crypto token could even rise to $20,000 because it matches Bitcoin’s top in the 2017 bull run. 

ETH price struggles to hold $3,500 support | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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