ETF Store president, Nate Geraci, has predicted that spot Ethereum exchange-traded funds (ETFs) would be approved for trading this week. In a post on X, Geraci expressed strong optimism about the Securities and Exchange Commission approving the pending S-1 for the ETFs.
Also Read: Spot Ethereum ETFs will attract 25% more US investors: Grayscale
The prediction echoes the sentiments of several industry experts who also believe the SEC has no reason to delay approval now. Gary Gensler, the SEC chair, had earlier said approval would come during the summer.
Will the SEC approve Ethereum ETFs this week?
Geraci’s prediction has been endorsed by influential people in the crypto community who believe this week is the ETF approval week. Eric Balchunas, senior ETF analyst at Bloomberg, said last week that the SEC has been quiet about the approval decision but expected that to change this week.
Meanwhile, Matt Hougan, Bitwise’s chief investment officer, also predicted the approval last week while appearing on CNBC’s ETF Edge. At the time, he noted that the minimal amendments that the issuers, including Bitwise, had to make to their filings suggest that the SEC is already satisfied.
Ethereum investor, Anthony Sassano, also posted “Happy ETH ETF S-1 approval week for those who celebrate” on X. If the S-1s are approved, the ETH ETFs could start trading within the next few days and join the existing Bitcoin ETFs.
Despite the widespread optimism about the approval this week, there is no official indication that the SEC has already decided on the matter. Even Geraci admitted this, noting that his optimism is rooted in the fact that the SEC has no more reason to delay. He said:
“Don’t know anything specific, just can’t come up w/ good reason for any further delay at this point. Issuers ready for launch”
However, recent developments suggest that this prediction could be true. Balchunas reported last week that every issuer is ready, and all documents have been updated.
ETH records gain in anticipation of Ethereum ETFs approval
With the approval of the Ethereum ETFs now imminent, ETH has seen significant price growth recently. According to CoinMarketCap data, the crypto is up 4.54% in the last 24 hours and has gained more than 9% in the past week alone.
Also Read: Justin Sun may be buying Ethereum (ETH) amid new price recovery
Its price performance, strikingly similar to Bitcoin’s, has led to debates about whether the ETF approval is already priced in. However, some believe the ETF approval will positively impact its price. Tom Dunleavy, partner at MV Capital, said that ETH ETF flows would have a greater impact on Ethereum’s price due to the fact that 40% of the ETH supply is locked.
However, the price of ETH might not be the only impact that the ETH ETF approval will have on the crypto industry. Many have predicted that its approval could open the door for the liberalization of crypto ETFs and finally allow other altcoins, such as Solana, also to get approved for spot ETFs. Two applications for Solana ETFs from 21 Shares and VanEck are already before the SEC, but the regulator is not expected to decide anytime soon.
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