Cryptocurrency market prices have generally been on a downward trend recently , and investors and market analysts are looking for the next big event that can change the market atmosphere, and the adoption of the Ethereum ETF is considered a major possibility to reverse market sentiment, Bloomberg analysis Researcher James Seyffart recently revealed on Twitter that Bitwise Invest has once again submitted the revised Ethereum ETF S-1 form .
Analyst: It is speculated that it will be listed in the week of July 15th!
It is worth paying attention to investors that Seyffart speculates that more issuers will submit similar applications this week, and the Ethereum spot ETF may be listed late next week or the week of July 15.
It is understood that Bitwise’s updated submission includes a six-month fund trust management fee reduction of up to US$500 million. Although the document does not clearly state a specific launch date for listing and trading on the New York Stock Exchange, Bitwise stated that it will “ "Launch as soon as possible after registration becomes effective", which also means that the listing date depends on the progress of SEC approval, but Bitwise is ready to act quickly as soon as it is approved.
On the other hand, Bloomberg analyst Eric Balchunas questioned the progress of the SEC’s approval. He said that no one really knows why the SEC is taking so long to process these forms, but he also pointed out that Ethereum spot ETF trading should be very soon. It will be online, but some problems may have caused the process to slow down. He speculated that it may be due to the summer holidays, and the staff are on vacation, resulting in a slowdown in the processing progress.
Will ETH receive a large amount of funding?
According to previous estimates by Eric Balchunas, Ethereum's market flow may be only 10% of Bitcoin's. This means that in 6 months, the true net purchase flow of Ethereum is expected to be $500 million, and the net flow will be $1.5 billion.
Andrew Kang, co-founder of Mechanism Capital, has a relatively conservative view on whether Ethereum will usher in a large amount of funds. He predicts that the ETF market for Ethereum will be about 15% of the market flow of Bitcoin, which is a real net flow of US$840 million. buying volume and net flows of $2.52 billion.
Under an optimistic scenario, the Ethereum ETF’s true net purchases could reach $1.5 billion, with reported net flows of $4.5 billion, which is equivalent to 30% of Bitcoin market flows. In either case, true net purchases remain well below the ETF's derivatives flows prior to launch, which reached $2.4 billion in advance. (Meaning that the expectations and reactions of ETFs have been reflected in the price in advance)
Before the launch of the ETF, Andrew Kang predicted that the trading price of ETH would be between US$3,000 and US$3,800; after the launch of the ETF, Andrew Kang predicted that the price would instead be between US$2,400 and US$3,000. It is worth mentioning that Andrew Kang also said that everything still depends on Bitcoin. If Bitcoin rises to $100,000 at the end of 2024 or early 2025, this may push ETH to a new all-time high.
