Nine Spot Ethereum ETFs Set to Launch on NYSE Arca on July 23

Jul 22, 2024, 10:04 AM

The launch of spot Ethereum ETFs is set for July 23, 2024, marking a significant milestone for the cryptocurrency market. Nine Ethereum ETFs will begin trading on major U.S. exchanges, including NYSE Arca and CBOE. The SEC has granted preliminary approval to major financial firms such as BlackRock, Franklin Templeton, and VanEck. Analysts predict substantial inflows, with estimates ranging from $5 to $10 billion, potentially boosting Ethereum's liquidity. The U.S. ETFs have previously purchased 5,700 Bitcoin worth approximately $378 million. However, some experts, including Benjamin Cowen and Richard Teng, caution that the increased supply of Ethereum, climbing by 60,000 ETH per month, could lead to price volatility. The impact of these ETFs is expected to be significant, with potential for both short-term price surges and long-term institutional investment growth.