Can $ETH Replicate $BTC’s Performance After SEC’s ETH ETFs Approval Next Week?

• A Bloomberg senior ETF analyst announced that spot Ethereum exchange-traded funds (ETH ETFs) could start trading on July 23.
• Franklin Templeton, BlackRock, and VanEck are said to have already received preliminary' approval from the SEC.
• ETH ETFs could attract up to $15B in inflows in the first month of trading.

Ethereum ETFs are said to start trading on July 23, markinga breakthrough in cryptocurrency acceptance within traditional finance.

An X post by Eric Balchanuas (a Bloomberg senior ETF analyst) announced that the US Securities and Exchange Commission (SEC) has asked issuers to submit their final S-1 forms by Wednesday in preparation for an ETH ETF next Tuesday.

Industry analysts predict eight ETH ETFs will be launched simultaneously. Reports suggest that Franklin Templeton, BlackRock, and VanEck have already received preliminary' approval from the US securities regulator.

Grayscale, Bitwise, ARK 21 Shares, and Invesco Galaxy are among the other financial institutions awaiting approval.

$BTC's 36% Rise Since ETF Approval - Will $ETH Follow Suit?

As the crypto market awaits the ETH ETF approval, $ETH's value has surged by over 2%since yesterday. It is currently trading at around $3.4K

When the SEC approved the first round of ETH applications (Form 19b-4), its value surged by 8.33%, from roughly $3.6K to $3.9K.

Following $BTC's ETF approval on January 10, the crypto's value rose from $46K to its ATH of $75K+ on March 21.

Bitcoin's current price is approximately $64K - a 32% increase since the SEC's authorization.This success suggests that $ETH's price could further increase.

Binance has announced that the current sentiment toward $ETH is bullish and predictsits price could reach $4,200+ by 2030.

Additionally, Bitwise CIO Matt Hougon speculates that ETH ETFs could attract up to $15B in inflows in the first month of trading.

Spot Ethereum ETPs Will Attract $15 Billion in Their First 18 Months
An excerpt from Bitwise CIO @Matt_Hougans weekly memo to investors.

A good starting point for estimating inflows is to look at the relative size of BTC and ETH. I'd expect investors to allocate to Bitcoin and...

- Bitwise (@BitwiseInvest) June 26, 2024

There are various other reasons analysts predict an upswing in Ethereum's price:

• ETFs are regulated and recognizable investment options for financial entities, which could drive capital into the Ethereum ecosystem
• SEC approval may reduce security uncertainties and attract more mainstream investors
• A boost in $ETH's price could uplift the DeFi economy, leading to more activity in the Web3 sector

Ethereum ETF Approval May Coincide with Bitcoin Conference

Next week's rumored launch of Ethereum ETFs coincides with one of the biggest Bitcoin conferences of the year, with Bloomberg's SEC research analysts James Seyffart and Donald Trump claimed to be attending.

Ironic and kinda funny 7/23 is right in the middle of the biggest bitcoin conf of the year, which @JSeyff will be at btw

- Eric Balchunas (@EricBalchunas) July 15, 2024

Donald Trump appears to have impacted Bitcoin's price by advocating for the cryptocurrency. Following a recent failed assassination attempt, $BTC's market cap rose by 5.33%.

The Former US President's scheduled speech at Bitcoin 2024 on July 27 may further boost the bullish prospect, possibly bringing $BTC beyond the $71K resistance level.

Though Ethereum is anticipated to surge, its price (around $3.4K) would have to rise around 180% to overpower $BTC. $BTC's price is currently hovering around the $64K mark, and it's anticipated to increase further following the event.

Conclusion

The arrival of Ethereum ETFs could be a significant turning point for not just the Ethereum ecosystem but the entire crypto market.

Although market uncertainties and price fluctuations remain, next week's poised debut of ETH ETFs shows the growing acceptance of crypto as a valid asset class with significant backing.

The SEC's ETH ETF approval will likely spur more innovation, mainstream adoption, and institutional investments.

It may also open the doors for ETFs indexed to other cryptocurrencies (such as Solana), but only time will tell.

References

Click to expand and view sources

• Bitcoin 2024 (Bitcoin 2024)
• Ethereum Price Today (CoinMarketCap)
• Bitcoin Price Today (CoinMarketCap)
• Ethereum (ETH) Price Prediction (Binance)
• Former president Trump reaffirms Bitcoin Conference commitment following attack (Yahoo!
• Trump still scheduled to speak at Bitcoin Conference in Nashville (WSMV4)

The post Can $ETH Replicate $BTC's Performance After SEC's ETH ETFs Approval Next Week? appeared first on The Tech Report.