The final approval for the first spot ETH ETFs in the US has been given by the US SEC. On July 23, trading is scheduled to start tomorrow.
The U.S. Securities and Exchange Commission accepted multiple spot Ethereum Ethereum ETH -1.33% securities filings today, July 22.
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Ethereum exchange-traded funds, clearing them in time for Tuesday’s scheduled trading opening
Eight issuers in all, including 21Shares, Bitwise, and the major asset managers Fidelity, Blackrock, and VanEck, had their ETH ETF products approved by the SEC.
How will the price of ETH react?
The forecast for the price of ETH after the debut of the spot ETFs remains uncertain, according to a research released today by Kaiko Research. The company reported that demand was “underwhelming” when ETH ETFs based on futures were introduced last year.
After falling by roughly 2.5% during the previous day, the price of ETH is currently trading close to $3,400. The $3,500 levels are a crucial area of resistance for the price of Ethereum, according to IntoTheBlock experts earlier today.
Broadly speaking, similar to spot Bitcoin Bitcoin BTC -0.45%
Analysts covering Bitcoin ETFs and the industry at large interpret the introduction of a spot ETF product as a positive indication of future growth. A larger group of more conventional investors now have access to the two biggest cryptocurrencies by market capitalization through a vehicle they are already familiar with trading, since ETFs are exchanged on standard exchanges through brokerage accounts.
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First Bitcoin, now Ethereum
After being authorized to trade in the United States in January, spot Bitcoin ETFs have experienced historically high inflows. The price of Bitcoin has risen by about 50% since the start of spot BTC ETF trading, and it is currently trading at about $67,700.
