KEY POINTS
- The latest filings didn't include management fees, so another found of fixing may be seen before the ETFs go live
- Bloomberg analyst ETF Eric Balchunas said his 'best guess' for a launch date is July 18
- Some crypto investors believe the full approval of spot ETH ETFs will trigger the 'biggest altseason' in the industry
Ethereum was among the top business and finance trends on X (formerly Twitter) from Monday night through early Tuesday after applying issuers for spot Ether ($ETH) exchange-traded funds (ETFs) submitted amended S-1 filings to the U.S. Securities and Exchange Commission (SEC).
Spot ETH ETF applicants file amendments
After receiving comments from the SEC earlier this month, issuers have filed their amended S-1 filings, which need approval from the regulatory agency before the funds go live.
Senior Bloomberg ETF analyst James Seyffart revealed the news late Monday, triggering a wave of bullish comments from users of Ether, the native cryptocurrency of the Ethereum blockchain.
The #Ethereum ETF filings are pouring in pic.twitter.com/BZ5X5QhIEk
— James Seyffart (@JSeyff) July 8, 2024
Another round of amended filings?
Eric Balchunas, another senior Bloomberg ETF analyst, revealed that the SEC "told issuers the fee wasn't nec[essary] yet," which means the Wall Street regulator will require another round of filings that should already include management fees.
Because the SEC asked for the S-1s on July 8th but told issuers the fee wasn't nec yet. They will give guidance back to issuers soon along with the game plan. Then the docs come will come back with fees (and every other blank) filled it and then it's Go time. https://t.co/S4u8HaMckh
— Eric Balchunas (@EricBalchunas) July 8, 2024
All the redacted parts of the amended filings will be filled out before the submission of the final amended documents, "and then it's go time," he said.
When will spot ETH ETFs launch?
The SEC has not provided an exact end date for its decision on the full approval of Ethereum ETFs. SEC Chair Gary Gensler previously said that the funds will probably go live this summer, but he has been refusing to provide an exact timeline.
Balchunas said his "best guess" in terms of the exact date for the funds' launch is July 18.
We don't have a new over/under launch date yet because we haven't heard what the SEC's game plan is. Hope to hear soon. But if you forced me gun to head style to give my best guess for date I'd go with July 18th.
— Eric Balchunas (@EricBalchunas) July 8, 2024
Notably, ETF Store President Nate Geraci pointed out a detail in a Monday press release by Grayscale wherein the asset management behemoth set a record date of July 18 for the initial creation and distribution of shares for its Grayscale Ethereum Mini Trust, its mini $ETH ETF.
Biggest altcoin season incoming?
Prominent crypto trader Ash Crypto believes that if the SEC fully approves spot $ETH ETFs this week, "it will really kickstart the biggest altseason in crypto history."
THIS IS GONNA BE A BIG WEEK FOR
— Ash Crypto (@Ashcryptoreal) July 9, 2024
CRYPTO INDUSTRY.
IF ETH ETF GETS APPROVED AND
STARTS TRADING THIS WEEK IT WILL REALLY KICKSTART THE BIGGEST
ALTSEASON IN CRYPTO HISTORY.
SO KEEP PRAYING FOR OUR BAGS !!
Web3 native @TheTradingTank said the approval of an Ether ETF is "bullish for memes," and if the funds get the complete approval anytime soon, the crypto market will see "a run unlike we've ever seen."
$SOL ETFs to come around in Q1 2025?
Looks like Solana ETFs are going to have a final deadline of mid-March 2025. But between now and then the most imp date is in November. If Biden wins, these likely DOA. If Trump wins, anything poss. https://t.co/ywkf6oA8Rc
— Eric Balchunas (@EricBalchunas) July 8, 2024
It could well be the beginning of a bull season for altcoins, or all other coins beyond Bitcoin. Balchunas said it's turning out well for Solana ($SOL) ETFs. The $SOL ETFs may get "a final deadline of mid-March 2025," he said, adding that if incumbent President Joe Biden wins, applications for the funds will be dead on arrival. But, if GOP presidential frontrunner Donald Trump wins, "anything" is possible, as per Balchunas.
$ETH fell below $3,000 earlier Monday, but it has since bounced back and started the day above $3,000, as per CoinGecko data. It has been on a 5.8% spike in the last 24 hours.
