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BlackRock updated a key regulatory filing, prompting speculation that spot Ethereum ETFs (exchange-traded funds) may start trading as early as next month.
The $10 trillion asset manager filed an updated S-1 form on May 29, almost a week after the US Securities and Exchange Commission (SEC) approved its iShares Ethereum Trust (ETHA) last week.
According to Bloomberg analyst Eric Balchunas, the other issuers could start submitting their S-1s soon, making a launch by the end of June a “legit possibility.”
Good sign. Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th https://t.co/WymshkTvat
— Eric Balchunas (@EricBalchunas) May 29, 2024
Accelerated Approval Of Ethereum ETFs Is a “Long Shot”
But Balchunas said that an accelerated launch by mid-June was a “long shot.” He said the approval already portrayed the Biden administration as pro-crypto, and there was no reason to rush the launch.
The approval of Ether ETFs was seen mainly as an effort by the Democratic Party to woo millions of US crypto voters. Biden’s rival, Donald Trump, has come out as pro-crypto and promised to support the growth of the US crypto industry if elected.
Despite the hype around spot Ethereum ETFs, Balchunas says that if Ether could get 20% of the inflows attracted by spot Bitcoin ETFs it ”would be a huge win.”
10 may be a bit much.. but I'd at least divide by 5 when it comes to expectations around the Ether spot ETFs re flows/volume/media/everything relative to spot bitcoin ETFs. That said, grabbing 20% of what they got would be huge win/successful launch by normal ETF standards. https://t.co/QDenr3jY2B
— Eric Balchunas (@EricBalchunas) May 29, 2024
He said he thinks that Ether ETFs will be seen as similar to silver in the precious metals market, with Bitcoin ETFs being gold and silver ETFs holding only a 15% market share.
“Many won’t feel the need to go beyond bitcoin/gold for their crypto/precious metals allocation,” he said.
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