Coinspeaker
Bitwise Submits Amended S-1 for Spot Ethereum ETF, Launch Next Week?
Days after the US SEC returned the S-1 forms to all issuers of spot Ethereum ETF, Bitwise submitted an amended version of the form to the regulator on Wednesday, July 3. This shows confidence among the issuers regarding the Ether ETF launch scheduled to happen on July 15.
Bitwise submits the revised version of the S-1 forms as several market analysts have already been predicting the spot Ethereum ETFs to go live for trading this month. However, the US SEC hasn’t indicated yet when there would be the final drafts, however, chances of getting the green light from the agency have improved significantly. Speaking on the development, Bloomberg ETF analyst James Seyffart in a post on X:
“We’ve got another amended S-1 from BitwiseInvest for their Ethereum ETF. Expect more from other issuers throughout the rest of the week. We’re thinking these things could potentially list later next week or the week of the 15th at this point.”
Earlier on May 23, the securities regulator had already approved the 19b-4 filings for the eight spot Ethereum ETFs. However, the SEC still needs to approve the S-1 statements coming from the issuers for the investment products to go live for trading.
“No one really knows why the SEC is taking their sweet time with these, given how light comments were, these could have easily been trading by now. Could be one ‘problem’ issuer slowing down process or just summertime lazy/ppl on vaca. Not sure, that said, all indications launch still on for this month. More details to come next wk,” wrote Balchunas.
Ethereum Price Faces Selling Pressure
Although the market remains excited regarding the approval of the spot Ethereum ETFs, the bulls are not quite able to hold the ETH price higher. Amid the broader market sell-off led by Bitcoin, the Ethereum price has further slipped under $3,200.
As of press time, ETH is trading 4.99% down at $3,185 with a market cap of $382 billion. Amid the current fall, Ethereum has opened the gates to the next support level of $3,000.
It will be interesting to see whether the actual launch of the spot Ethereum ETF provides some catalyst to the ETF price. Market analysts have already predicted inflows to the tune of $5 billion within the first six months of the ETF launch.
Ether has lagged behind Bitcoin in performance for more than a year, while Bitcoin has surged ahead with market-leading gains, buoyed by over $14 billion flowing into its spot ETFs in 2024.
Analysts at K33 Research suggest that the introduction of spot Ether exchange-traded funds (ETFs) in the United States could potentially lead the cryptocurrency to outperform Bitcoin in the weeks following their launch.
“ETFs are a solid catalyst for relative ETH strength as the summer progresses and flows accumulate, and I firmly view current ETH/BTC prices as a bargain for the patient trader. We maintain a bullish ETH outlook in anticipation of net inflows equivalent to 0.75-1% of ETH’s circulating supply in the five months following the launch,” analyst Vette Lende wrote.
Bitwise Submits Amended S-1 for Spot Ethereum ETF, Launch Next Week?
