SEC Reportedly Set to Approve Spot Ethereum ETFs From BlackRock, Franklin Templeton, and VanEck

The US Securities and Exchange Commission (SEC) is reportedly close to approving spot Ethereum ETFs for at least four asset managers.

The US Securities and Exchange Commission (SEC) is reportedly set to approve spot Ethereum ETFs for at least four asset managers, with potential trading beginning as early as next week.

According to Reuters and sources familiar with the matter, BlackRock, Franklin Templeton, and VanEck are among the issuers poised to receive final approval if they submit their final S-1 filings by the end of this week.

The SEC’s approval will allow spot Ether ETFs to start trading on July 23, recent reports indicate. According to Citigroup, inflows could reach $5 billion within six months, which is slightly modest compared to the launch of spot Bitcoin ETFs.

Moreover, eight asset managers, including Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy, are preparing to launch their Ether products simultaneously, following a strategy similar to the rollout of spot Bitcoin ETFs.

Wall Street Gears Up for Ether ETF Influx

Bitwise’s chief investment officer, Matt Hougan, predicts that spot Ether ETFs could draw up to $15 billion in 18 months, a projection that is fueled by the performance of spot Bitcoin ETFs since their launch six months ago.

According to Bitwise’s chief compliance officer, Katherine Dowling, there are fewer outstanding issues between issuers and the SEC, suggesting an imminent launch.

The official approval of these filings will come after trading hours on Monday, according to Eric Balchunas, a Bloomberg ETF analyst. As a result, the approval would allow the ETFs to start trading on Tuesday, July 23.

The SEC has instructed issuers to submit their final S-1 filings by July 16, which will also include the fee structure for their spot Ether ETFs.

The upcoming Bitcoin conference next week, where US presidential candidate Donald Trump is listed among the speakers, adds further bullish sentiment to the market.

ETH Eyes $5,100 Target Amidst Bull Market Optimism

Traditional investors are bullish on Ethereum, which is evident from a $72 million inflow into global Ethereum ETFs, marking the highest since March. Ethereum CME open interest has also surged, indicating a growing appetite among U.S. investors for Ether.

Furthermore, the In/Out of Money Around Price (IOMAP) indicator from IntoTheBlock highlights key support and resistance levels for Ethereum. At present, 3.56 million Ethereum addresses hold 2.47 million ETH at an average price of $3,140, indicating strong support. However, 2.02 million addresses are out of money, having bought 4.01 million ETH around $3,242, which signifies a potential resistance level.

If Ethereum manages to clear this resistance, the next target could be $3,347. Crypto analyst McKenna is eyeing a $5,100 price for Ethereum, highlighting the potential for substantial returns.

Once approved, these spot Ether ETFs will list on major exchanges, including Nasdaq, the New York Stock Exchange, and the Chicago Board Options Exchange.

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