Source: Jin10 Data
Bullish news has once again emerged in the cryptos industry.
According to Eric Balchunas, a Bloomberg ETF analyst, the spot ethereum ETF may be launched on July 23. Balchunas tweeted on social media, "I heard the SEC finally replied to the issuer today, asking them to return the final S-1 document (including fees) on Wednesday, and then apply for approval after Monday's closing so that it can be issued on Tuesday (July 23). Of course, the premise is that there are no unforeseen problems at the last minute!" He also pointed out that interestingly, July 23 coincides with the time of the largest bitcoin conference held this year, and Trump himself will attend the conference, as cryptocurrencies have become one of the biggest political topics. This news on Monday pushed Ethereum to a two-week high point of over $3,425, followed by moderate profit taking. Before that, Ethereum had soared from $2,800 to $3,400 in just 10 days, which is impressive. Research firm Kaiko said that the upcoming spot ethereum ETF could drive the performance of this cryptocurrency to continue to surpass its larger competitor, bitcoin. After the SEC approved the first phase of the spot ethereum ETF, the ratio of ethereum to bitcoin prices rose from 0.045 to about 0.05. This ratio measures how many bitcoins it takes to buy one ethereum. The higher the ratio, the higher the value of ethereum relative to bitcoin. Although the price of ethereum has fallen by about 10% since the SEC paved the way for the approval of this ETF on May 23, Kaiko said that this cannot explain all of the problems, and the increase in the ratio indicates that the performance of ethereum's price will be good after the ethereum ETF starts trading. Since the launch of the spot bitcoin ETF, the price of bitcoin has risen by about 50% this year to $63,400. Ethereum has risen by 48% this year. Matthew O'Neill, co-head of research at Financial Technology Partners, said that the launch of the ethereum ETF will diversify the portfolios of institutional investors in cryptocurrencies, rather than just being bitcoin products. They are likely to hold a mix of these two currencies. He added that the news of the possible approval of the spot ethereum ETF has not yet been fully priced in by the market, and some investors are still waiting until the day of trading before making a move. Therefore, he believes that there is still room for ethereum's price to rise. Institutional investor Tom Dunleavy predicts that the ethereum ETF will grow at a rate of about $1 billion per month, eventually reaching a size of $10 billion. In contrast, as of July 12, the cumulative net inflow of bitcoin ETFs was $15.8 billion, with a daily net inflow record of $1.05 billion.
Balchunas said on social media, "I heard the SEC finally replied to the issuer today, asking them to return the final S-1 document (including fees) on Wednesday, and then apply for approval after Monday's closing so that it can be issued on Tuesday (July 23). Of course, the premise is that there are no unforeseen problems at the last minute!"
He also pointed out that interestingly, July 23 coincides with the time of the largest bitcoin conference held this year, and Trump himself will attend the conference, as cryptocurrencies have become one of the biggest political topics.
This news on Monday pushed Ethereum to a two-week high point of over $3,425, followed by moderate profit taking. Before that, Ethereum had soared from $2,800 to $3,400 in just 10 days, which is impressive.
Research firm Kaiko said that the upcoming spot ethereum ETF could drive the performance of this cryptocurrency to continue to surpass its larger competitor, bitcoin.
After the SEC approved the first phase of the spot ethereum ETF, the ratio of ethereum to bitcoin prices rose from 0.045 to about 0.05. This ratio measures how many bitcoins it takes to buy one ethereum. The higher the ratio, the higher the value of ethereum relative to bitcoin.
Although the price of ethereum has fallen by about 10% since the SEC paved the way for the approval of this ETF on May 23, Kaiko said that this cannot explain all of the problems, and the increase in the ratio indicates that the performance of ethereum's price will be good after the ethereum ETF starts trading.
Since the launch of the spot bitcoin ETF, the price of bitcoin has risen by about 50% this year to $63,400. Ethereum has risen by 48% this year. Matthew O'Neill, co-head of research at Financial Technology Partners, said that the launch of the ethereum ETF will diversify the portfolios of institutional investors in cryptocurrencies, rather than just being bitcoin products. They are likely to hold a mix of these two currencies.
He added that the news of the possible approval of the spot ethereum ETF has not yet been fully priced in by the market, and some investors are still waiting until the day of trading before making a move. Therefore, he believes that there is still room for ethereum's price to rise. Institutional investor Tom Dunleavy predicts that the ethereum ETF will grow at a rate of about $1 billion per month, eventually reaching a size of $10 billion. In contrast, as of July 12, the cumulative net inflow of bitcoin ETFs was $15.8 billion, with a daily net inflow record of $1.05 billion.
Editor / jayden