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Reading: Bloomberg Analyst Predicts ETH ETF Launch Next Week as BitWise Files Amended S-1
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BTCRepublic > News > Ethereum News > Bloomberg Analyst Predicts ETH ETF Launch Next Week as BitWise Files Amended S-1
Ethereum News

Bloomberg Analyst Predicts ETH ETF Launch Next Week as BitWise Files Amended S-1

Mary
Last updated: October 25, 2024 10:24 am
Mary
Published: July 5, 2024
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Disclosure: BTCRepublic provides analysis and forecasts but does not offer investment advice. Our content is for informational purposes only. Please conduct your own thorough research and consult with a financial advisor before making any investment in cryptocurrency.
Bloomberg Analyst Predicts ETH ETF Launch Next Week as BitWise Files Amended S-1
Highlights
  • Spot ETH ETFs might launch next week.
  • The updated prediction by Bloomberg analysts comes as Bitwise files an amended S-1.
  • Eight applicants are awaiting approval of spot ETH ETFs.

Bloomberg analysts have predicted that a spot Ethereum exchange-traded fund (ETF) could launch next week after Bitwise files its amended S-1 registration statement. 

Contents
Ether ETF Could Launch Next Week ETH ETF Launch Fails To Stir Rally

James Seyffart states Bitwise is among the first ETF applicants to file their amended S-1 forms with the US Securities and Exchange Commission (SEC). More issuers are expected to send in their amended forms later this week. 

UPDATE: 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. pic.twitter.com/xqVlt9lSGy

— James Seyffart (@JSeyff) July 3, 2024

Eight applicants are awaiting the SEC’s final approvals for spot ETH ETFs. 

Ether ETF Could Launch Next Week 

According to analyst Eric Balchunas, the first round of comments for the S-1 forms went smoothly, with the issuers taking minimal time to update. 

Therefore, if the same happens in the currency round, the approval of these ETF products might happen soon, with Balchunas saying it will happen “next week-ish.” 

Bitwise just filed amended S-1 for spot Eth.. which wasn't 'due' until July 8th. Prob just wanted to get it off their plate and from what I hear the last round of comments were 'literally nothing' = took zero time to update. Also, no fee yet. Prob get those next week-ish. pic.twitter.com/1r8xgKcdyC

— Eric Balchunas (@EricBalchunas) July 3, 2024

Seyffart agreed with Balchunas’s take on the launch dates but also threw in a cautionary statement. He noted that the SEC was not limited to any deadline, and the regulator might take time before allowing these products to launch. 

“I have fairly low confidence in those launch date predictions at this point. There is no deadline, and SEC’s Corp Fin is taking their time here… But these changes were very minimal, and [I don’t know] why the ETFs wouldn’t be ready to go within a couple of weeks,” Seyffart added. 

Last week, the SEC Chair, Gary Gensler, stated that the ETF approval process was “going smoothly.” 

The US securities regulator approved 19b-4 forms for spot ETH ETFs on May 23. All eight applicants await final approval for these products to start trading on US exchanges. 

ETH ETF Launch Fails To Stir Rally

Ether has been affected by the bearish sentiment battering the broader cryptocurrency market. In the last 24 hours, ETH has dropped by 3.5% to trade at $3,155 at 05:31 a.m. EST. 

ETH ETF Launch Fails To Stir Rally

Looking at the Ether price chart, the largest altcoin shows high volatility. The price touched the lower Bollinger bands before recovery, showing oversold conditions. While the price slightly rebounded, the conditions remain bearish as sellers dominate the market. 

The Relative Strength Index (RSI) recorded a brief drop below 30, showing that ETH entered oversold territory. While the RSI has recovered, bears are still in control as any attempts to buy the dip have not translated into a price recovery. 

The recent selling pressure dampening market sentiment around ETH has wiped the gains made by the altcoin following the hype around spot ETFs, according to analyst @DaanCrypto on X. 

$ETH Has now retraced the entire ETF candle. pic.twitter.com/7VX7fWL575

— Daan Crypto Trades (@DaanCrypto) July 4, 2024

Another analyst also notes that if Ether continues the bearish trend, the price will likely drop to $2,800. At this point, the crypto market will be on the verge of a “crypto winter.” 

$ETH daily chart

Total breakdown of 3300 support and dumping back into the low range from April & May

Next support at range low of 2800 ☠️

It's possible we go there and that would indeed be pretty bearish but hard to see how much lower we can go from there unless it's legit… pic.twitter.com/hFsTa0vDle

— Eddie (@eddietradezz) July 4, 2024

The recent price drop has seen over $64 million worth of Ether longs liquidated in the last 24 hours, according to Coinglass data. 

Investors Increase Interest in US Spot Bitcoin ETFs As Bitcoin (BTC) Price Rise
Bitcoin ETF Inflows Hit $237M on Increased Odds of Ethereum ETF Approval
US Spot Ethereum ETFs Experience Persistent Outflows In Mid-August
Australia’s Largest Stock Exchange Set To List Its Second Spot Bitcoin ETF 
Is Ethereum Legal? – Countries That Have Outlaws Ethereum
TAGGED:ETFETHEthereum

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Mary BTCRebpublic
ByMary
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Muthoni Mary is an aspiring writer with a keen interest in the cryptocurrency and blockchain space. She combines her passion for finance and crypto with a talent for clear and engaging writing to curate informative articles.
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Reading: Bloomberg Analyst Predicts ETH ETF Launch Next Week as BitWise Files Amended S-1
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