Markets
SEC Gives Final Approval for Ethereum Spot ETFs to Begin Trading on July 23
The SEC has officially issued its final approval for the spot Ethereum The July 22 ETFs and the respective fund webpages are now live.
The ETFs are expected to begin trading when U.S. markets open at 9:30 a.m. ET on July 23.
Eric Balchunas, senior ETF analyst at Bloomberg confirmed approvals, saying:
“It’s official: Spot Eth ETFs have been made effective by the SEC. Forms 424(b) are being received, final step = all systems go for launch tomorrow at 9:30am. Game on.”
Approval confirms rumors from last week and opens Ethereum to investors looking for regulated exposure. Market experts believe that these funds will attract a significant amount of money from investors who have been hesitant to invest in crypto due to regulatory concerns.
Citi recently predicted that ETFs would attract $5.4 billion in the first six months of trading, while more optimistic estimates put inflows at up to $15 billion.
Most analysts agree that the funds are unlikely to attract the same level of investment as their Bitcoin counterparts. However, the launch is expected to catalyze a rally in Ethereum, which will also be “lift all boats.“
Meanwhile, a study by CryptoQuant recently revealed that the amount of ETH held on exchanges has fallen to a multi-year low in anticipation of the ETF launch. Exchange balances are down 10% year-to-date to 16.9 million Ethereum, the lowest level seen since July 2016.
Ethereum was trading at $3,480 at press time, according to data from CryptoSlate.
The story is developing and will be updated as new information is released.
Ethereum Market Data
As of press time, July 22, 2024, 22:13 UTC, Ethereum is ranked #2 by market capitalization and the price is down 0.56% over the past 24 hours. Ethereum has a market cap of $418.59 billion with a 24-hour trading volume of $18.7 billion. Learn more about Ethereum ›
$3,481.60
-0.56%
Cryptocurrency Market Summary
As of press time at 22:13 UTC on July 22, 2024, the total cryptocurrency market is valued at $2.46 trillion with a 24-hour volume of $87.93 billionBitcoin dominance is currently at 54.53%. Learn more about the cryptocurrency market ›
Mentioned in this article
Author 
Assad Jafri
Editor and journalist at CryptoSlate
AJ, a passionate journalist since the 2011 Arab Spring in Yemen, has honed his skills around the world for over a decade. Specializing in financial journalism, he now focuses on reporting on cryptocurrencies.
Editor Editor 
News office
Editor at CryptoSlate
CryptoSlate is a comprehensive and contextualized source of cryptocurrency news, information, and data. Focuses on Bitcoin, macro, DeFi, and AI.
Latest Alpha Market Report
Disclaimer: The opinions of our authors are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, and CryptoSlate does not endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to the content of this article. Finally, CryptoSlate takes no responsibility if you lose money trading cryptocurrencies.