The cryptocurrency market is on the verge of a significant event as spot Ethereum ETFs are scheduled to commence trading on the CBOE next week. Despite this news, the price of ETH has only seen a modest 0.8% increase in the last 24 hours, indicating a relatively muted reaction. Trading volumes have also decreased by 15.5%, with approximately $13.3 billion worth of ETH being exchanged since yesterday.
This development comes after a period of speculation and revised forecasts by industry analysts. For instance, on July 14, Nate Geraci, a prominent figure in the ETF space, expressed confidence in the imminent approval, citing no apparent reasons for further delays and noting that issuers were ready for the launch. Subsequently, on July 15, Bloomberg’s Senior ETF analyst Eric Balchunas reiterated Geraci’s prediction, stating that the SEC had reached out to issuers to finalize documentation and seek effectiveness for a launch on Tuesday, July 23, assuming no unforeseen last-minute issues arose.
Earlier projections by Balchunas had indicated that the ETFs might have started trading as early as July 2. The performance and demand for these spot Ethereum ETFs will be closely monitored, as their success could potentially lead to additional crypto ETF filings in the future.