Bitwise has submitted its revised S-1 form for the Ethereum ETF ahead of schedule, proposing a mid-July launch. Despite the drop in Ethereum’s price, Ethereum holders remain optimistic about its potential for a price surge.
In the latest update regarding the potential approval of the spot Ethereum (ETH) ETF, asset management firm Bitwise has taken proactive measures by submitting a revised S-1 form earlier than expected.
Unexpected Delays in Motion
According to Bloomberg senior analyst Eric Balchunas, the ETH ETF was initially expected to launch around July 2nd, but the timeline for the ETH ETF has been adjusted to July 8th following the new deadline set by the U.S. Securities and Exchange Commission (SEC) for companies to amend their S-1 submission filings.
In the context, this 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 noted,
“We have received another revised S-1 from @BitwiseInvest for their #Ethereum ETF. Expecting more issuers to launch this week. We think these things could go live late next week or week of the 15th.”
Nate Geraci, the president of ETF Store, recently expressed optimism about ETF approvals, suggesting that the SEC may approve final trading by July 12th, paving the way for trading to commence before July 15th.
No Need for Further Delays
This has caused significant confusion within the industry regarding the final approval date. However, Bitwise has submitted its revised S-1 form on July 3rd, indicating that these products are imminent.
Balchunas pointed out, providing further insights on the matter,
“Prob just wanted to get it out of their hair, and as far as I know, the last round of comments was ‘nothing’ = zero update time. And, no fee yet. Prob can get these next week.”
This has sparked criticism towards the SEC’s Gary Gensler. Many believe it is time for a change in the leadership of the SEC. Echoing these sentiments, user Circuit X claimed,
“This is just Gary’s last hurrah before he heads out the door with this heavy of a thing.”
Impact on ETH: Should You Be Concerned?
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 using IntoTheBlock data reveals that a 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 the money.” This suggests a bullish sentiment or potential price surge for Ethereum.