Nate Geraci, president of The ETF Institute, anticipates approvals for spot Ethereum (CRYPTO: ETH) ETFs this week, potentially shaking up the cryptocurrency market.
What Happened: On Sunday, Geraci took to X, formerly Twitter, to share his prediction, stating, "I'm deciphering this as spot ETH ETFs will be approved this week...Just me tho."
I'm deciphering this as spot eth ETFs will be approved this week...
Just me tho.— Nate Geraci (@NateGeraci) June 23, 2024
Geraci's views were consistent with his forecast two weeks ago when he stated that he would be shocked if spot ETFs did not receive green signals before the end of the month. "No reason for delay," he had said.
Why It Matters: Speculation about spot Ethereum ETFs has heightened, with Bloomberg ETF analyst Eric Balchunas moving up the launch date for the highly anticipated investment vehicles to July 2 last week, following light comments from the U.S. Securities and Exchange Commission (SEC) staff on the S-1 filings, asking for revisions within a week.
The approval of the 19b-4 forms last month got Ether ETFs one step closer to being launched for trading. SEC will now review the updated S-1 registration statements, the final hurdle before the cryptocurrency funds become a reality.
The impending arrival of spot Ethereum ETFs has stirred excitement in the crypto market. Analysts had earlier predicted a potential 60% rally in Ether's price if ETF approval follows the trend of Bitcoin (CRYPTO: BTC) ETFs.
Price Action: At the time of writing, Ethereum was exchanging hands at $3,407.50, sinking 3% in the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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