Aaryamann Shrivastava
FXStreet
- Ethereum Futures ETFs are likely to be available for trading as early as October 3, per Eric Balchunas.
- The Bloomberg analyst cited SEC wanting to "getting it off their plate" as the reason for the accelerated approval.
- All applicants have been asked to update their filings before the weekend in order to be approved by October 2.
While spot Bitcoin Exchange Traded Funds (ETFs) approval has been a matter of controversy in the United States, Ethereum Futures ETFs' might not be. The Securities and Exchange Commission (SEC), which has been targetting spot BTC ETFs for months now, is most likely to approve the trading of ETH ETFs in the next seven days.
Read more - Breaking: Ark Invest 21Shares Bitcoin Spot ETF filing delayed
Ethereum Futures ETF to begin trading in October
According to Bloomberg Senior ETF analyst Eric Balchunas, the SEC is likely to go easy on Ethereum Futures ETFs and fastrack their approval. Balchunas took to X, formerly Twitter, to share the update highlighting that the ETH ETFs are most probably going to be approved by October 2, Monday and available for trading for investors by the next day - October 3, Tuesday.
Balchunas stated that the SEC wants to accelerate the launch of the ETH ETFs only in order to get them off their plate. This is surprising since when it comes to Bitcoin spot ETFs, the SEC has been attempting to hold out their approval for as long as they can.
UPDATE: Hearing the SEC wants to accelerate the launch of Ether futures ETFs (bc they want it off their plate bf shutdown) so they've asked the filers to update their docs by Fri pm (no small task to jam into 48hrs, esp for indie issuers), so they can go eff Mon and trade Tue. https://t.co/gKyQFK12aM
— Eric Balchunas (@EricBalchunas) September 28, 2023
In order to be approved, though, ETH ETFs' applicants have been asked to update their filings before the end of Friday. If everything goes as planned and the SEC swiftly approves the applications, Valkyrie's BTF will become the first Ethereum Futures ETF to be launched in the United States. This could be followed by other ETFs since over nine issuers have proposed 15 ETH ETFs in the country.
Spot Bitcoin ETF continues to be a headache
Even though the Ethereum Futures ETFs' approval has been accelerated, the SEC is not likely to change its stance on spot Bitcoin ETFs. This is because, in just the last couple of days, the SEC has delayed the decision on another spot BTC ETF application from Ark Invest 21Shares.
This was in spite of the US House Financial Services Committee (FSC) asking the regulatory body to immediately approve the spot BTC ETFs in a letter this week. The lawmakers called the SEC's standards of denial of spot ETFs "inconsistent and discriminatory" and urged to fast-track the approval.
Read more - Members of US FSC urge SEC Chair Gensler to immediately approve spot Bitcoin ETFs
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 meme coins Dogecoin, Shiba Inu and Bonk: Report shows nearly 140 new meme token debuts
April recorded the addition of 138 new meme coins to CoinMarketCap. The actual number could be even higher as analyst Crypto Koryo notes that CoinMarketCap reportedly lists only 10% of all tokens.
XRP close to support at $0.50 as traders digest SEC vs. Ripple lawsuit proceedings
XRP is ranging below $0.53 on Thursday as investors continue to digest the recent developments in the legal battle between Ripple and the US Securities and Exchange Commission (SEC).
Fetch.ai Price Forecast: FET unlikely to recover, more downside possible Premium
Fetch.ai price performance in the first quarter was nothing short of magical. The market value of FET rose by 587% between February 5 and March 28, a climb that is now facing exhaustion and could lead to further downside moves.
Solana meme coins TREMP, BODEN rise after Donald Trump’s pro-crypto stance
A Solana-based meme coin Doland Tremp posted over 100% gains on Thursday, before pulling back to $0.6750. The price rally likely occurred after former US President Trump asked pro-crypto voters to vote for him and said his presidential campaign will accept crypto donations.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.