Ethereum’s price surged 5%, surpassing the $3,300 mark amid mounting excitement surrounding the upcoming decision by the US Securities and Exchange Commission (SEC) on several spot Ethereum exchange-traded funds (ETFs).
Ethereum (ETH), currently priced at $3,366.26, has seen a 5.15% increase in the last day. With a market capitalization of $404.69 billion, it holds the spot second in the cryptocurrency rankings. The market cap has grown by 5.16%, reflecting the overall positive momentum in Ethereum’s market activity.
Nate Geraci, ETF analyst and president of The ETF Institute, expressed his forecast on X, predicting that a roster of eight spot ETH ETFs would be launched by the end of this week. In a July 14 post, he shared this prediction, stating there seemed no reason for further delays.
Geraci’s statement is supported by an anonymous source close to the proceedings, who stated on July 12 that spot Ethereum assets are scheduled for release soon. Issuers such as VanEck and 21Shares filed amended registration applications last week, aiming for final SEC approval to list spot Ether ETF funds.
Analysts Predict Strong Ethereum Inflows
Several analysts view the potential ETF launch as pivotal for ETH’s price trajectory in the coming months. Introducing these funds could significantly influence market dynamics and investor sentiment toward ETH. The approval of spot ETH ETFs is a significant milestone, possibly leading to more institutional investment in Ethereum.
Tom Dunleavy, managing partner at crypto investment firm MV Global, forecasts that introducing these funds could draw up to $10 billion in new investments. He predicts this will push ETH prices to new all-time highs, highlighting the strong buying pressure from traditional investors.
Dunleavy explained that selling Ethereum-related ETF funds to Wall Street would be less difficult than selling Bitcoin. He highlighted the company’s direct story and money flow, which makes it preferable for standard and financial advisors.
He described Ether ETF funds as technology stocks, cryptocurrency applications, or digital bonds, comparing them with the concept of digital gold. This is a better way for an advisor to explain things to the customer. The traditional market believes that this point of view will be valued.
Related Reading: Ethereum Price Soars 5% As Whale Activity Surges Ahead Of ETF Approval
