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Breaking News: Commerce Department To Release Blockchain Statistics, Says Lutnick
Ethereum ETFs

BREAKING: Spot Ethereum ETFs Get SEC Nod, Debut Set For Tomorrow

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Spot Ethereum ETFs (exchange-traded fujnds) are ready to hit the market, marking a significant milestone for the cryptocurrency industry following approval by the Securities and Exchange Commission (SEC) on Monday. 

Spot Ethereum ETFs Set To Launch On Tuesday

Bloomberg ETF expert Eric Balchunas provided further details following the news, stating that 424(b) forms are now rolling in, signaling the final step to begin trading on Tuesday after a year of anticipation for these new index funds that invest directly in the price of ETH. Blachunas said:

It’s official: Spot Eth ETFs have been made effective by the SEC. The 424(b) forms are rolling in now, the last step = all systems go for tomorrow’s 930am launch. Game on. The web pages live as well. Let the marketing wars commence!

Related Reading: Mt. Gox Sends Bitcoin Again, This Time To Bitstamp: Here’s How Much

As previously reported by Bitcoinist, market experts have made optimistic projections regarding the impact of Ethereum ETFs. Sean Farrell from Fundstrat expects net inflows of over $5 billion within the initial months of trading. 

Similarly, JPMorgan strategists, led by Nikolaos Panigirtzoglou, estimate net inflows ranging from $1 billion to $3 billion for Ethereum ETFs portfolios throughout the remainder of the year. 

Vetle Lunde, a senior research analyst at K33 Research, predicts significant net inflows of $4 billion within the first five months, potentially leading to a price surge for Ethereum due to increased demand.

10% Of Profits To Support Ethereum Protocol

Asset manager Bitwise also made a notable announcement, stating that 10% of the profits generated by the Bitwise Ethereum ETF (ETHW) will be donated to support the development of the open-source Ethereum protocol. The asset manager said:

We cannot take Ethereum and its core protocol properties for granted. We’re excited for ETHW to support the work of those who tend to the Ethereum protocol—the unsung heroes who work tirelessly every day to improve Ethereum’s security, scalability, and usability. Donations will be made annually for at least the next 10 years. Recipient organizations are subject to change based on annual review.

Related Reading: Ripple CEO Says SEC Lawsuit Is Almost At Its Ends, Here’s The Next Important Date

Despite the spread of the news, ETH did not react to Tuesday’s expected launch of the new Ethereum ETFs in the US as it is currently trading at $3,480, down a slight 1% from Sunday’s price. 

Ethereum ETFs
The daily chart shows ETH’s sideways price action. Source: ETHUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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