The Chicago Board Options Exchange (Cboe) announces the launch date for five Ethereum (ETH) exchange-traded funds (ETFs) on the spot market.
Cboe’s new listing page shows that Ethereum ETFs from issuers 21Shares, Fidelity, Franklin Templeton, Invesco and VanEck are expected to roll out on Tuesday, July 23.
Last week, Eric Balchunas, senior ETF analyst at Bloomberg, said trading in Ethereum ETFs will likely begin on Tuesday after the U.S. Securities and Exchange Commission (SEC) asked issuers to make final changes to their S-1 registration statement .
Crypto market participants have been anticipating the rollout of Ethereum ETFs since May, when the SEC abruptly changed its stance on the investment products.
Analysis agency IntoTheBlock say that crypto investors with deep pockets are rushing to purchase Ethereum in anticipation of the ETF’s launch.
“$126 million worth of ETH was withdrawn from the exchanges [last] week, indicating accumulation ahead of the ETF launch.”
While whales seem to be bullish on ETH, crypto analyst Kaleo thinks the ETF’s launch will lead to a brief price spike before Ethereum witnesses a correction. According to Kaleo, the launch of the ETF will prove to be a sell-the-news event.
But after the pullback, the trader predicts ETH to rise above $4,550.
“If you’re really optimistic about this cycle, hitting the lows one more time would be an absolute gift. From here we go a lot higher. Just think we might need a little more patience before the fun really begins.”
At the time of writing, Ethereum is worth $3,521, up slightly on the day.
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Generated image: DALLE3
