Ethereum (ETH) price has encountered a setback after briefly surpassing the $3,500 mark on Monday, dropping once again to the $3,400 support level on Tuesday. The delay stems from the expected full approval by the SEC for Ethereum ETF applications, which have now been postponed to July 8.
SEC Requests Revised Filings
Analysts had initially anticipated approval by July 2, but the SEC has requested issuers to submit revised filings by July 8. Bloomberg ETF expert Erich Balchunas shared on social media that the SEC took additional time to provide feedback, resulting in a revised timeline. Balchunas stated:
Unfort think we gonna have to push back our over/under till after holiday. Sounds like SEC took extra time to get back to ppl this wk (altho again very light tweaks) and from what I hear next wk is dead bc holiday = July 8th the process resumes and soon after that they’ll launch
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SEC Chair Gary Gensler previously indicated that Ethereum ETFs would likely receive approval by “the end of the summer.” The SEC is currently reviewing and approving the S-1 forms, which represent the second step in launching spot Ethereum ETFs.
Despite the delay, asset managers remain optimistic about the SEC greenlighting the first US spot Ethereum ETF applications that directly invest in Ether, with expectations set for mid-July. A recent Bloomberg report highlighted the constructive dialogue between asset managers and the regulator.
Ethereum ETF Launch Inches Closer
Per the report, the regulator’s feedback provided minor questions that issuers are currently addressing. In May, the SEC approved the proposal by exchanges to list these products, requiring a separate approval for their launch.
Steve Kurz, head of asset management at Galaxy Digital, predicted the approval of an Ethereum ETF within the next couple of weeks. Galaxy Digital has filed for an Ether ETF, and Kurz expressed confidence in the process, emphasizing their familiarity with the requirements based on their experience with the Bitcoin ETF.
Several prominent firms, including BlackRock Inc., Fidelity Investments, 21Shares, and Invesco, have filings awaiting approval. The disclosure of fees on the respective funds is a necessary step before trading commences.
Assuming the funds receive a green light, one key question remains: Will Ether portfolios generate a similar level of demand as the historic debut of US spot-Bitcoin ETFs in January, which accumulated $52…
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