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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?
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Breaking News: Bitcoin, XRP, Ethereum Dip Post Fed's Rate Cut: What’s Next For Crypto?

Spot Ethereum ETFs Expected To Begin Trading On July 2, Can This Propel ETH To $10,000?

Scott Matherson
Scott Matherson
Last Updated: June 15, 2024 4:00 pm
3 mins read
Ethereum ETF

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Discussions around when the Spot Ethereum ETFs will likely begin trading have continued to heat up. This time, Bloomberg analyst Eric Balchunas and fellow Bloomberg analyst James Seyffart have shared an update on when they expect these funds to begin trading. 

Spot Ethereum ETFs To Begin Trading By July 2

Balchunas stated in an X (formerly Twitter) post that they are moving their “over/under date” for the launch of the Spot Ethereum ETFs to July 2. He revealed they had heard that the Securities and Exchange Commission (SEC) sent fund issuers comments on their respective S-1 filings. These comments are said to be “pretty light” and nothing major, with fund issuers set to file their amended registration statements within a week. 

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The Bloomberg analyst claimed that there is a decent chance that the SEC will declare these S-1 filings effective the next week and that the Commission will work towards approving them before the holiday weekend. He added that anything is possible but that is the timeline they are working with for now. 

These Bloomberg analysts had previously put July 4th as their over/under date for the launch of the Spot Ethereum ETFs. Balchunas acknowledged that the recent shift from July 4th to 2nd wasn’t a major one but was still significant, considering it was beginning to feel like it could take longer before the Spot Ethereum ETFs launch. 

He also clarified that they decided on July 2nd as the over/under date because this is when they remain undecided about whether to go lower or higher. Their latest projection is also good news, considering that SEC Chair Gary Gensler had thrown the crypto community into a bit of limbo with his latest comment. 

While addressing the Senate Banking Committee on June 13, Gensler told Senator Bill Hagerty that the S-1 filings for the Spot Ethereum ETFs will likely be approved “over the course of this summer.” This statement raised the possibility of these funds not being approved until the end of the summer, which will be sometime in September. 

Spot ETFs To Propel ETH To $10,000

The Spot Ethereum ETFs are expected to have a huge impact on Ethereum’s price once they begin trading. Crypto expert Ash Crypto recently mentioned that Ethereum reaching $10,000 is just a “matter of time,” with these funds set to start trading soon. Crypto analyst Eljaboom also alluded to the Spot Ethereum ETFs when he stated that $10,000 is “programmed” for Ethereum in this cycle. 

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Crypto analyst CrediBULL Crypto stated that $10,000 is his minimum target for Ethereum in this bull run and added that the second-largest crypto token could even rise to $20,000 because it matches Bitcoin’s top in the 2017 bull run. 

Ethereum price chart from Tradingview.com
ETH price struggles to hold $3,500 support | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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