Key Points
- CBOE confirms the launch date for five Spot Ether ETFs on July 23.
- SEC approval is still pending, but optimism remains high.
- Analysts predict Ether will outperform Bitcoin post-launch
- Ether sees a notable surge in price ahead of the ETF launch.
The Chicago Board Options Exchange (CBOE) has confirmed the launch date for five Spot Ether ETFs, set to begin trading on July 23. This announcement comes as the Securities and Exchange Commission (SEC) continues to review the final approval for these ETFs.
CBOE’s Strategic Move
Earlier today, CBOE officially listed the 21Shares Core Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and Franklin Ethereum ETF.
This strategic move marks a significant milestone in the crypto market, following the momentum built by the successful launch of spot Bitcoin ETFs in January.
The anticipation around these Spot Ether ETFs has been growing, with market analysts predicting that Ether (ETH) could outperform Bitcoin (BTC) following the launch. The previous Bitcoin ETF launch saw major cryptocurrencies hitting new highs, and a similar bullish trend is expected for Ether.
Spot Ether ETF Launch Date Confirmed: July 23rd, CBOE Announceshttps://t.co/7ixu9hThRO
— John Morgan (@johnmorganFL) July 20, 2024
SEC’s Pending Approval
Despite the excitement, the SEC has yet to grant final approval for the Ether ETFs. The regulatory body approved the 19b-4 forms in May, but the S1 registration statements are still pending, with multiple amendments under review. This has not dampened the market’s optimism, as analysts and investors closely watch the SEC’s next moves.
Earlier forecasts for the ETF launch dates did not materialize, but confidence remains high. SEC Chair Gary Gensler hinted at a smooth approval process, leading to speculations of an early July launch.
Nate Geraci, President of ETFStore, had also anticipated a mid-July launch date. Now, with CBOE’s announcement, the July 23 launch appears imminent.
Market Reaction and Analyst Predictions
In the wake of CBOE’s confirmation, Ether’s market performance has shown a positive response. Currently trading at $3,504, ETH has experienced a 2.23% increase over the past day and an 11% rise over the past week. However, it has seen a slight 1.98% decline over the past month.
Bloomberg’s senior ETF analysts, Eric Balchunas and James Seyffart, have also backed the July 23 launch date, reinforcing the widespread belief that the ETFs will soon hit the market.
As the crypto market gears up for this significant development, all eyes are on the SEC’s final decision. The potential approval and subsequent launch of these Spot Ether ETFs could mark another pivotal moment in the crypto industry, further legitimizing digital assets in the eyes of mainstream investors.
