Nate Geraci, president of The ETF Institute, predicted that $Ethereum (ETH.CC)$-based spot exchange-traded funds could launch within the next two weeks.
What Happened: Geraci, who actively tracks developments on cryptocurrency ETFs and shares updates on the same via his official X handle, hoped that modified S-1 filings would arrive on the SEC's desk by Monday.
He wrote that from then on, the potential launch dates would be contingent on how soon the regulator does its verification and gives a go-ahead.
Spot eth ETF S-1 amendments supposedly due tomorrow...
How quickly will SEC turn these around?
Again, main item I'm watching for is fees (which won't be required w/ these amendments).
Otherwise, assume issuers gearing up for launch in next week or two.— Nate Geraci (@NateGeraci) July 7, 2024
In a dramatic turn of events, the SEC approved 19b-4 forms for applications of Ether ETFs in May, after weeks of negative sentiment. The SEC asked the ETF applicants to submit the revised S-1 registration statements, the final hurdle before the funds can start trading on U.S. exchanges, by July 8.
Why It Matters: Geraci's forecast was in line with his previous estimate of a mid-July launch last week.
The eventual launch of spot Ether ETFs could have significant implications for the cryptocurrency market since it would be the second such digital asset fund in the U.S. after the much-talked-about $Bitcoin (BTC.CC)$ spot ETFs that debuted in January.
Cryptocurrency exchange Gemini estimates net inflows of up to $5 billion within the first six months of trading into Ether ETFs.
Price Action: At the time of writing, Ethereum is trading at $2,873.96, down 5.77% in the last 24 hours, according to data from Benzinga Pro.
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