Ethereum spot ETF officially launched on 7/23! Will ETH witness a "sell the news" market trend?
According to a tweet by Bloomberg ETF analyst James Seyffart, in addition to Grayscale, firms including Franklin, VanEck, Bitwise, 21Shares, Fidelity, BlackRock, and Invesco have all received approval from the U.S. Securities and Exchange Commission (SEC) for an Ethereum spot ETF, set to officially launch on 7/23!
Unsure if it means anything but the only funds from the Ethereum ETF race that don't yet have the official effective documents from the SEC are @Grayscale's $ETHE and $ETH. That said I'm still expecting them before trading tomorrow. Not sure what the holdup is? pic.twitter.com/mbVmhCvPmQ
— James Seyffart (@JSeyff) July 22, 2024
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Seven Ethereum spot ETFs, including Franklin, VanEck, Bitwise, 21Shares, Fidelity, iShares from BlackRock, and Invesco, have all obtained approval from the U.S. Securities and Exchange Commission (SEC). The Ethereum spot ETFs will officially start trading as the U.S. stock market opens today!
The Grayscale Ethereum ETF with the code ETHE and the mini Ethereum ETF with the code ETH, which were both part of the application, have not yet received formal approval from the SEC. Analyst Seyffart speculates that the splitting scenario is definitely more complex than launching a brand-new fund, and approval may be obtained in the early hours of trading on 7/23. Therefore, he remains hopeful before trading begins on that day.
The mini Ethereum ETF applied by Grayscale with the code ETH involves automatically splitting 10% of the assets from the original Grayscale Ethereum ETF with the code ETHE into ETH. Analysts believe this may help alleviate the outflow of Grayscale funds.
ProShares, which previously joined the battle, is not on the approved list this time.
ProShares, the issuer of BITO, officially enters the Ethereum spot ETF battle.
ETH Drops to 3,400Right before the listing of the Ethereum spot ETFs, the price of Ether showed a downward trend, dropping from yesterday morning's high of 3,562 to 3,430 US dollars at the time of writing. Will history repeat itself with a "sell the news" market sentiment as seen during the launch of the Bitcoin spot ETF?
After welcoming the first trading of the spot ETF on January 11, Bitcoin fell from 48K to 38K on 1/23 before starting a rebound and ultimately reached a historic high of $73,777.
