Spot Ethereum ETF Approval Expected This Week, Says Nate Geraci
beincrypto.com 15 July 2024 08:07, UTC Nate Geraci, president of ETF Store, predicts the imminent approval of the spot Ethereum (ETH) exchange-traded fund (ETF).
Analysts and industry leaders, including Matt Hougan from Bitwise Asset Management, have echoed Geraci’s optimism. They believe the approval could drive substantial interest and investment in Ethereum, potentially reshaping the market and broader crypto industry.
Industry Experts Anticipate Major Impact of Potential Spot Ethereum ETF
Nate Geraci has sparked significant interest within the crypto community by predicting the approval of spot Ethereum ETFs this week. Geraci shared his expectations on social media.
“Welcome to spot ETH ETF approval week… I’m calling it. Don’t know anything specific, just can’t come up with a good reason for any further delay at this point. Issuers ready for launch,” he wrote.
Read more: Ethereum ETF Explained: What It Is and How It Works
Geraci’s prediction follows extensive discussions and regulatory filings surrounding the Ethereum ETF. In an appearance on CNBC’s ETF Edge last week, Geraci, alongside Matt Hougan, discussed the likelihood and implications of the ETF’s approval.
As one of the potential issuers, Hougan highlighted the minimal amendments required in the latest filings. This indicates a closer approach to the approval finish line.
“That [the minimal amendments] tells us that we’re getting closer to the finish line. I think what you’re hearing about this week or next, that makes sense to me. This has been a very fast process. Remember, only two months ago, no one thought we were going to see these ETFs. Now it seems likely we will. And we’ll see what the response is,” Hougan remarked.
Geraci also emphasized the growing interest in crypto assets among institutional investors and financial advisors. He noted that despite the current market conditions, the demand for Ethereum could mirror the substantial success witnessed by Bitcoin ETFs.
“Spot Bitcoin ETFs were the most successful ETF launch in the industry’s history when you take into account the 10 or 11 ETFs that came to market view cumulatively. I think spot Ethereum ETFs could be the second most successful launch ever,” Geraci stated.
Additionally, market analysts believe that ETH could experience positive price action following the spot Ethereum ETF launch. Crypto trader Daan Crypto suggested that the approval could be a bullish sentiment.
“ETH so far so good. Closing in on that $3,350 level. We should get the S-1 approvals this week, with the ETFs starting to trade soon after,” he noted.
Michaël van de Poppe, founder of crypto consulting firm MN Trading, echoed this sentiment. He highlighted Ethereum’s recent performance and its outpacing of Bitcoin. Van de Poppe suggested that the Ethereum ETF could further propel its market dominance.
“The upcoming Ethereum ETF will likely push it even further, through which the potential bearish divergence on the weekly timeframe seems inevitable to be valid,” he explained.
Read more: How to Invest in Ethereum ETFs?
Furthermore, industry experts believe the spot Ethereum ETF will prompt other crypto ETFs to emerge. BeInCrypto reported that earlier this month, the Chicago Board Options Exchange (CBOE) presented the 19b-4s form for trading the spot Solana ETF for the first two issuers, VanEck and 21Shares. However, the US Securities and Exchange Commission (SEC) would have until 2025 to respond to the request.
