The highly anticipated approval of spot market Ethereum ETFs is likely to be delayed until after the extended July 4th holiday weekend, according to Bloomberg ETF specialist Eric Balchunas. This prediction comes on the heels of recent comments made by the U.S. Securities and Exchange Commission (SEC).

Balchunas, who had initially predicted approval by July 2nd, now believes that the SEC's holiday break, which extends until July 8th, will push back the approval process. He cites the regulatory body's tendency to take extra time to review filings, as well as the upcoming holiday, as reasons for the delay.

Last month, the SEC responded to several S-1 filings submitted by financial giants, hinting at imminent approvals. However, the regulatory agency sent back the filings for modifications, indicating that additional disclosure statements were needed. SEC Chair Gary Gensler later confirmed that the agency was working on approving ETH-based spot market ETF applications but did not provide a specific date.

The approval of spot market Bitcoin ETFs in January brought significant inflows to the top crypto asset, and firms are now filing bids to create ETFs based on Ethereum rival Solana. While the delay in Ethereum ETF approval may come as a disappointment to some, experts remain optimistic about the future of cryptocurrency-based exchange-traded funds.

In summary, the estimated date for Ethereum ETF approval has been pushed back due to the SEC's extended holiday break and the need for additional disclosure statements. While the delay may be temporary, it highlights the importance of regulatory compliance in the cryptocurrency market. As the industry continues to evolve, investors and asset managers alike are eagerly awaiting the approval of Ethereum ETFs, which could potentially bring significant growth to the market.