Analysts believe that Ether (ETH) exchange-traded funds (ETFs) in the United States have a strong chance of launching by late June. This comes after BlackRock made an important update to its filing, which is necessary for the ETF to be approved and start trading. Bloomberg ETF analyst Eric Balchunas sees this as a positive development and expects other approvals to follow soon. He believes that there may be further rounds of comments from the Securities and Exchange Commission (SEC), but a launch by the end of June is a real possibility. However, Balchunas still thinks that the odds of approval are more likely around July 4 and an earlier approval would be unlikely.
James Seyffart, another Bloomberg ETF analyst, sees BlackRock’s updated filing as a positive sign that issuers and the SEC are working towards launching Ethereum ETFs. The updated filing also provides information about the seed capital investor for BlackRock’s ETF. On May 21, a BlackRock affiliate firm agreed to purchase $10,000,000 in Shares and took delivery of 400,000 Shares at a price of $25.00 per Share.
In contrast, Hashdex, another issuer, withdrew its bid for a spot Ether ETF after the SEC approved it. According to a source familiar with the application, Hashdex no longer intends to move forward with a single asset Ether ETF.
Analysts believe that the launch of these ETFs will drive ETH to new highs as some investors see it as a bet on the growth of Web3. However, others speculate that ETH could face price pressure as the Grayscale Ethereum Trust (ETHE) converts and its discount narrows, leading to an average daily outflow of $110 million for weeks.
In conclusion, the launch of Ether ETFs in the United States is expected to happen by late June, with the potential to drive ETH to new highs. However, there are still some uncertainties and potential price pressures to consider.