SEC Issues Final Announcement Before Approving Ethereum ETF Trading

The US Securities and Exchange Commission officially announced its final approval of the Ethereum spot ETF on July 22, and the corresponding fund’s webpage will be open as of 9:30 a.m. market hours on July 23.

“The SEC has officially announced that the SEC has started implementing the Spot Eth ETF, with Form 424(b) now available. The final step is that all systems will be in place for launch at 9:30 a.m. tomorrow. A new round of the digital asset investment game has begun,” Eric Balchunas, senior ETF analyst at Bloomberg, confirmed.

The approval confirms rumors that emerged last week and opens the door for investors looking to invest in Ethereum who want to stay in control. Investing in Ethereum is possible, as market experts believe that these funds will attract a lot of money from investors who are hesitant to invest in cryptocurrencies due to regulatory concerns.

Citi recently estimated that ETFs would attract $5.4 billion in capital during the first six months of trading, and while the estimates are more optimistic, it said capital inflows reached $15 billion.

Most analysts agree that the fund is unlikely to attract investments to the same level as Bitcoin, however, the launch is expected to spur the rise of Ethereum, which will “make everyone comfortable” as well.

Meanwhile, CryptoQuant research recently revealed that the amount of ETH held on exchanges has fallen to its lowest level in years. Amid anticipation of the ETF launch, exchange balances have fallen 10% year-to-date to 16.9 million ETH, the lowest level since July 2016.

Ethereum is trading at $3,480 at the time of publishing this article. Based on CryptoSlate data.

Recently, Ethereum, the second-largest cryptocurrency by market cap, has fallen by 0.56% in the past 24 hours. The market cap is $418.59 billion. The 24-hour trading volume is $18.7 billion.