Bitwise has submitted an early application for an Ethereum ETF, proposing a launch in mid-July. Despite the drop in Ethereum’s price, Ethereum holders remain optimistic about the potential for a price surge.
In the latest update regarding the potential approval of a spot Ethereum [ETH] ETF, asset management firm Bitwise has taken proactive steps by submitting a revised S-1 form ahead of schedule.
Unexpected delays in the works
Senior analyst at Bloomberg, Eric Balchunas, stated that the ETH ETF was initially expected to launch around July 2nd, but the timeline has been adjusted to July 8th following the new deadline set by the U.S. Securities and Exchange Commission for companies to amend their S-1 filing.
In the context, the delay stems from the SEC’s request on May 28th for issuers to address minor issues in their S-1 filings.
James Seyffart, an ETF analyst at Bloomberg, also stated, “We have received another amended S-1 filing from Bitwise for their Ethereum ETF. Expect to see more from other issuers for the remainder of this week. We think these may go live next week a bit later or the week of the 15th.”
Nate Geraci, President of ETF Store, recently expressed optimism about the approval of ETFs, suggesting that the SEC may approve the final trades before July 12th, paving the way for trading to begin by July 15th.
No need for further delays
This has caused significant confusion in the industry regarding the final approval date. However, Bitwise submitted a revised S-1 form ahead of schedule on July 3rd, indicating that these products are on the verge of being launched.
Balchunas pointed out, providing further insight on the matter, “Prob just wants to get it out of their plate, as far as I know, last round of comments was ‘nothing’ = update time to zero. And, not yet charged. Prob can get these next week.”
This has sparked criticism of the SEC’s Gary Gensler. Many believe it’s time for a change in leadership at the SEC. Echoing these sentiments is user CircuitX, who claimed, “This is just Gary throwing something heavy on his way out.”
Impact on ETH: Should you be worried?
Unfortunately, despite Bitwise’s efforts to expedite the ETH ETF process, Ethereum’s price has taken a hit. According to CoinMarketCap data, ETH has dropped by 5.09%, trading at $3,189.50.
However, an analysis by AMBCrypto on IntoTheBlock data shows that the majority (72.06%) of ETH holders currently hold tokens that are worth more than their purchase price, indicating that they are “in the money.”
In contrast, a small percentage (19.07%) of ETH holders have tokens that are worth less than their purchase price, making them “out of money.” This suggests bullish sentiment or the potential for a price surge in Ethereum.
