Publicly available market cap data from cryptocurrency tracking websites (e.g., CoinMarketCap, CoinGecko)

CBOE Confirms Launch of Nine Spot Ethereum ETFs on July 23

Jul 21, 2024, 06:41 AM

The Chicago Board Options Exchange (CBOE) has confirmed the launch of nine spot Ethereum exchange-traded funds (ETFs) next week, with trading set to begin on July 23. This marks a significant milestone for Ethereum, as it becomes the only tokenization platform with spot ETFs and is officially classified as a commodity. The launch is expected to generate substantial buy pressure on Ethereum, potentially driving its price to new highs. Analysts predict that the initial flows into these new ETH products will be proportional to the current market cap of Ethereum, which is about 32% of Bitcoin's market cap. The SEC has granted preliminary approval to BlackRock, Franklin Templeton, and VanEck for these ETFs. The launch is also anticipated to impact other tokens paired with Ethereum, with some analysts suggesting a bullish effect on Solana.