Ethereum (ETH) ETF Approval Week Begins as SEC Requests Final Documents From Issuers

Ethereum, the second-largest cryptocurrency, appears to be on the verge of getting its own spot Exchange-Traded Fund (ETF).

Major cryptocurrency Ethereum could finally be getting its own spot Exchange-Traded Fund (ETF) as early as next week.

Bloomberg analyst Eric Balchunas reported Wednesday that the Securities and Exchange Commission (SEC) is requesting final documents from applicants, with a launch date set for July 23.

“Hearing SEC finally got back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a Tuesday 7/23 LAUNCH,” Balchunas tweeted.

“This is provided no unforeseeable last minute issues of course!” he added.

Eight entities are currently awaiting SEC approval for their Ethereum ETF applications. These include major players like Grayscale, BlackRock, and Fidelity, who already dominate the Bitcoin ETF market. Collectively, these issuers hold approximately 763,343 BTC, valued at $48.5 billion.

Ethereum ETF approval news comes as no surprise to crypto enthusiasts. Earlier this week, ETF Institute co-founder Nate Geraci predicted that this week would be the “Ethereum ETF approval week.”

The approval for the ETH ETF comes less than two months after the SEC issued an approval for applicants in May. Notably, the speed of the review process is faster than the Spot Bitcoin ETF, which took over a decade to get approved.

Meanwhile, analysts from Presto Research covered Ethereum’s prospects in a Tuesday market report.

“While it’s difficult for ETH to topple BTC on the first point, ETH can potentially catch up with BTC on institutional branding starting next week, given that its spot ETF trading is likely to commence on July 23rd,” the analysts noted.

The research firm predicted that in the near term, the ETH/BTC ratio could potentially recover to the level recorded in mid-May when the SEC first approved the 19b-4 forms for spot ether ETFs.

“Over the long term, restoring the ETH/BTC ratio to the 2021 bull cycle level would imply far more upside potential,” the analysts added.

The cryptocurrency market has reacted positively to this news, with Ethereum’s price up 2% to $3,414. ETH is up 14% in the past fortnight.

If the spot Bitcoin ETF approval — which saw the asset soar to new all-time highs in a matter of weeks — is any indication, ETH could be pushed to its previous peak of $4,840 in record time.