ETFs
Ethereum Boom Imminent as All ETH ETF Applicants File Amended S-1 Filings ⋆ ZyCrypto
Ethereum is poised for a solid uptrend after Ether spot exchange-traded fund (ETF) applicants submitted amended S-1 filings.
Last week, the U.S. Securities and Exchange Commission (SEC) sent comments to all applicants seeking responses within a week. The recent development brings the launch of the first spot ETH ETF in the United States closer.
Ethereum has slightly gained 0.1% in the last 24 hours. The second-largest cryptocurrency by market cap was trading at $3,498 as of 11:29 a.m. EST.
Ether ETF Applicants Submit Amended S-1 Documents
Some asset managers that have submitted their revised S-1 filings include BlackRock, Fidelity, Invesco Galaxy, Grayscale and VanEck.
In its revised filing, Fidelity disclosed $4.7 million in seed funding from one of its affiliates, FMR Capital. BlackRock’s updated file also revealed a $10 million seed investment. BitWise also listed a potential $100 million investment from Pantera Capital on the day the ETF began trading.
Asset managers appear to be engaging in a fee war, as seen in the race to spot Bitcoin ETFs. The VanEck file watch management fee of 0.20% for its Ether ETF. Franklin Templeton has proposed a fee of 0.19%, while BlackRock has yet to announce what fees it plans to charge to manage the fund.
S1 approvals are the final step towards launching an Ether ETF. The SEC approved the Forms 19b-4 filed by the exchanges on May 23. Final approval is now pending, which analysts say could arrive July 2.
“We’ll see a bunch of amended S-1s filed today, probably later this afternoon. The ball is in the SEC’s court to notify issuers of any final changes and their effectiveness (i.e. final approval). We are holding the line with July 2 as the launch date for ETH ETFs,” noted Bloomberg ETF analyst Eric Balchunas.
Ethereum ready for a major rally
Ether price is poised for a significant uptrend following the approval of spot ETFs. Financial institutions issuing these products are expected to begin accumulating ETH, as has been the case with Bitcoin ETFs, with growing demand causing a possible breakout.
According to According to analyst “CryptoWinkle” on X, the ETH price chart hints at a potential breakout. The price movement created a symmetrical triangle pattern, showing that the price has finished consolidating between the $3,400 and $3,600 area and is ready for a significant uptrend.
If the bullish thesis is confirmed, ETH will propel towards $4,400, creating a new all-time high.
The demand is already visible with the growing number of active ETH addresses. The number of active Ether addresses has reached the highest level in three months at 617,170. This high number of addresses is also a bullish signal.