- Analyst’s remarks hinted at Ethereum ETFs possibly starting on 2 July
Bitcoin seems to be underperforming ahead of ETH ETF approval
As an experienced analyst, I have closely followed the cryptocurrency market and its regulatory developments for several years. Based on my analysis of the recent news regarding Ethereum ETFs potentially starting on July 2nd and the historical context of Bitcoin ETFs’ approval process, I am optimistic about Ethereum’s potential market opportunities.
According to SEC Chair Gary Gensler’s optimistic statements this summer, Ethereum [ETH] spot Exchange Traded Funds (ETFs) could receive approval. Bloomberg Senior Analyst Eric Balchunas has now provided a possible timeline for this development.
Balchunas prediction: Reality or no?
Based on Balchunas’ remarks, Ether Exchange-Traded Funds (ETFs) might begin trading in the US as soon as July 2nd.
The expected launch date for the Ether spot ETF has been advanced to July 2nd. We’ve learned that the Securities and Exchange Commission (SEC) staff have shared comments on the issuers’ S-1 filings today. These comments are relatively minor, and they’ve requested revisions to be submitted within a week.
The announcement in the news has brought renewed hope among cryptocurrency enthusiasts, particularly those with an interest in Ethereum, as it highlights promising prospects for this digital currency’s future market performance.
The analyst hinted that the upcoming release could be scheduled to coincide almost perfectly with July 4th, the American Independence Day.
As a researcher, I can express that we have a good probability of declaring the results effective by the coming week, allowing us to move on before the holiday weekend. However, it’s essential to note that there are still possibilities for unforeseen developments. At present, this is our most reasonable assumption.
Bitcoin ETF vs. Ethereum ETF
The approval process for Ethereum ETFs lags significantly behind that of Bitcoin ETFs.
Back in the summer of 2013, the Winklevoss brothers, who founded the Gemini cryptocurrency exchange, submitted their first proposal to the Securities and Exchange Commission (SEC) for creating a Bitcoin spot exchange-traded fund (ETF).
In early 2024, following almost a decade of rigorous regulatory review and numerous applications, the Securities and Exchange Commission (SEC) granted approval for the launch of 11 Bitcoin Exchange-Traded Funds (ETFs).
As an analyst, I’ve observed some intriguing similarities in the regulatory approval processes of Bitcoin and Ethereum Exchange-Traded Funds (ETFs). Notably, following the approval of the BTC ETF, Ethereum experienced a noteworthy surge, with its price rising by 9.1%. Contrastingly, Bitcoin underperformed during this period.
Amidst a market slump, Ethereum, the second-largest alternative coin, shines brightly in expectation of an ETF approval for ETH.
When I composed this text, Bitcoin and numerous other cryptocurrencies showed downturns with red candlesticks on their daily charts. In contrast, Ethereum displayed an uptick of more than 1%, causing its price to move upwards.
Recently, as per a report from Farside Investors, there were back-to-back withdrawals amounting to $416.1 million from Bitcoin spot ETFs on the 13th and 14th of June.
Popular analyst Willy Woo pitched in to comment too. He stated,
Future remains uncertain
Despite the ongoing shifts in the cryptocurrency market, it’s premature to determine with certainty that investors are abandoning Bitcoin in favor of Ethereum.
It’s important to mention that according to AMBCrypto’s assessment of Santiment, the social influence indicators for both Ethereum and Bitcoin have been increasing. Nevertheless, the RSI figure for both cryptocurrencies remained unchanged, suggesting a lack of clear bullish or bearish trends at present.
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2024-06-15 17:12