Multiple industry analysts believe that Bitcoin exchange-traded funds (ETFs) could be on track to be launched in mid-July.
According to industry sources that were cited in a recent Bloomberg report, multiple applicants are supposed to submit their amended S-1 forms before July 8.
As noted by Nate Geraci, president of The ETF Store, this would mean that the final approval of S-1 forms is expected to take place by July 12. This would "theoretically" mean the launch week of July 15, according to Geraci.
Alex DovbnyaThe U.S. Securities and Exchange Commission sent shockwaves across the cryptocurrency industry after it unexpectedly greenlit rule rules changes (19b-4 forms) in May. The Ethereum (ETH) price experienced a powerful rally shortly after that decision. However, that rally was short-lived since the SEC had yet to complete the two-step ETF approval process that also included S-1 forms.
In late June, SEC boss Gary Gensler stated that the approval of Ethereum ETFs was going "smoothly" after previously claiming that these hotly anticipated products would be able to start trading this summer.
Sell the news?
According to a recent report by K33 Research, the Ethereum price might fall right after the launch of several spot ETFs in the U.S.
Gamza KhanzadaevHowever, K33 Research still expects that inflows into spot ETFs will be a boon for the price of the leading altcoin. These inflows could reach up to 1% of the cryptocurrency's total circulating supply, according to the firm.
Last week, Steno Research predicted that these products could possibly attract up to $20 billion worth of inflows within the first year of their trading.
Arman Shirinyan
Vladislav Sopov
Dan Burgin
U.Today Editorial Team