[Lunch Briefing] ETH spot ETF expected to launch in the first week of July

Major domestic virtual assets are in decline.

As of 1:12 p.m. on the 24th, Bitcoin (BTC) is trading at 88.3 million won, down 2.37% from the previous day. Ethereum (ETH) fell 2.71% to 4,778,000 won. Tether (USDT) was traded at 1,409 won, down 0.07% from the previous day, and Binance Coin (BNB) was traded at 810,500 won, down 1.82% from the previous day. Solana (SOL) fell 4.93% to 177,300 won.



The international market is in decline. At the same time, on CoinMarketCap, BTC recorded $62,782.66, down 2.48% from the previous day. ETH was traded at $3398.65, down 3.35%. USDT fell 0.03% to $0.9994, and BNB fell 2.38% to $575.65. SOL was trading at $126.16, down 6.43%.

The total market capitalization of virtual assets is $2.29 trillion (KRW 3,181.6691 trillion), an increase of $1.1 trillion (KRW 1,528.3126 trillion) compared to the same period last year. The fear and greed index of virtual asset data company Alternative.Me is in a 'neutral' state at 51 points, down 4 points from the previous day.

Major asset management companies submitted revised securities reports (S-1) to the U.S. Securities and Exchange Commission (SEC) for approval of Ethereum (ETH) spot exchange-traded funds (ETFs).

According to Cointelegraph on the 22nd (local time), VanEck, BlackRock, Grayscale, Invesco, and Galaxy submitted revised securities reports (S-1) to the U.S. Securities and Exchange Commission (SEC) the previous day. S-1 approval is the final step before a spot ETF can be officially traded in the U.S. stock market.

The revised document provides detailed information on fees. According to Van Eck's data, the ETH spot ETF's fee is 0.20%, similar to competitor Franklin Templeton's fee (0.19%). The fees for Blackrock iShares Ethereum Trust (ETHA) have not yet been disclosed.

Bloomberg analyst Eric Balchunas said, “As VanEck proposes a low fee, there is an increased possibility that BlackRock will also set a fee of at least 30 basis points or less.” He then predicted, “ETH spot ETF will be launched in the first week of July, before U.S. Independence Day.”

Meanwhile, last May, the SEC approved a listing review request (19b-4) to allow major asset management companies to list ETH spot ETFs.

Reporter Lee Yeon-ju

juya@rni.kr