Nate Geraci predicts that the Ethereum ETF may be approved on July 15th. Despite the increasing expectations for an ETH ETF, the prices of altcoins have dropped by 2.54%.
The long-awaited approval for the Ethereum (ETH) spot ETF may have received a new date.
Nate Geraci, the President of ETF Store, stated that the spot ETH ETF is highly likely to be approved on July 15th.
Geraci mentioned in his post that the final approval from the U.S. Securities and Exchange Commission (SEC) could come before July 12th, following the expected submission of the revised S-1 for the Ethereum ETF in July.
Therefore, according to Geraci, there is no reason for the SEC not to approve the ETH ETF on July 15th.
It should be noted that the ongoing delays stem from the SEC’s request on May 28th for the issuer to address minor issues in their S-1 filing.
Reasons for the delay
Insiders report that the issuer is currently working on resolving these issues.
However, with the SEC’s early approval of the 19b-4 application in May, things may soon work in favor of the issuer.
Steve Kurz, the Managing Director of Galaxy Digital Asset Management, stated in a recent interview with Bloomberg TV to further clarify the matter,
“Look, we’ve done this before. It’s methodical, it’s whitewashing, and the SEC is involved. We’ve done it for Bitcoin ETFs, which are fundamentally similar – we know the pipeline, we know the process.”
Bitcoin ETF vs. Ethereum ETF
With the approval process for the Ethereum ETF facing delays, industry executives now compare it to the approval of the Bitcoin (BTC) ETF.
The journey for the BTC ETF began in July 2013 when the co-founders of the Gemini cryptocurrency exchange, Cameron and Tyler Winklevoss, initially submitted the application for a spot Bitcoin ETF to the SEC.
Fast forward to January 2024, nearly ten years later, after multiple applications and rigorous regulatory scrutiny, the SEC finally approved eleven Bitcoin ETFs.
However, some believe that despite the delays, BTC has a relatively straightforward approval path, while the ETF approval process for ETH is mired in more complex regulatory matters.
This has led many to believe that an ETH ETF would not be a good competitor to a BTC ETF.
Will ETH match the hype of a BTC ETF?
Matt Hougan, the Chief Investment Officer of Bitwise, expressed agreement with this in a recent episode of the “Bankless” podcast,
“I don’t think the Ethereum ETF will match the Bitcoin ETF, but I do think it will measure in the billions of dollars.”
Furthermore, despite the anticipated positive impact of the ETH ETF approval date, the price of Ethereum has failed to rise.
According to data from CoinMarketCap, as of the time of writing, the trading price of ETH is $3,351, a decrease of 2.54% in the past 24 hours.