The Crypto Community Eagerly Awaits SEC's Decision on Ethereum ETFs

The U.S. Securities and Exchange Commission (SEC) has recently approved eight ETF 19b-4 application forms from major financial institutions, including BlackRock, Fidelity, Grayscale, ARKInvest, VanEck, Invesco Galaxy, and Franklin Templeton. This move has sparked widespread speculation about the potential listing and trading of Ethereum (ETH) Exchange-Traded Funds (ETFs).

Experts Predict a Quicker Approval Process for ETH ETFs

While Bitcoin ETFs took years to gain SEC approval and begin trading on the NYSE, ETF experts believe that Ethereum ETFs will face a more expedited process. Nate Geraci, President of ETF Store, suggests that the SEC has already laid the groundwork for ETH ETFs by approving Spot Bitcoin ETFs and ETH futures ETFs. He predicts that ETH ETFs could be listed within the next few weeks or a maximum of 2-3 months, depending on the SEC's timeline.

Bloomberg ETF analyst Eric Balchunas playfully speculates that the SEC's decision on ETH ETFs could come before or after July 4th, coinciding with the belief that the regulatory hurdles have already been cleared with the approval of Bitcoin ETFs.

James Seyffart, another Bloomberg Intelligence expert, acknowledges the uncertainty surrounding the exact approval timeline but suggests that it could take weeks to months for the SEC to approve the necessary S-1 forms. He notes that Bitcoin ETFs took three months after filing to receive approval and expects Ethereum ETFs to follow a similar, if not faster, path.

The Bullish Impact on Ethereum's Price

The anticipation surrounding Ethereum ETFs has contributed to the current bullish sentiment in the crypto market. Ethereum's price has risen to $3,932, a 3.4% increase over the last 24 hours and a 35% surge in the past fortnight. This price movement is partly attributed to former President Donald Trump's pro-crypto comments, which have boosted confidence in the digital asset market.

QCP Capital, a crypto market-making firm, notes that market participants are expressing their bullishness in ETH rather than Bitcoin, particularly in anticipation of potential institutional demand once the ETH spot ETF begins trading.

As the crypto community eagerly awaits the SEC's decision on Ethereum ETFs, the anticipation has already had a positive impact on ETH's price and the overall sentiment in the digital asset market.