dailyhodl.com
The Chicago Board Options Exchange (Cboe) is giving the launch date for five spot market Ethereum (ETH) exchange-traded funds (ETFs).
Cboe’s new listings page shows that Ethereum ETFs from issuers 21Shares, Fidelity, Franklin Templeton, Invesco and VanEck are scheduled to roll out on Tuesday, July 23rd.
Last week, Bloomberg senior ETF analyst Eric Balchunas said Ethereum ETFs are likely to begin trading on Tuesday after the U.S. Securities and Exchange Commission (SEC) asked issuers to make final changes to their form S-1 registration statement.
Crypto market participants have been anticipating the rollout of Ethereum ETFs since May when the SEC abruptly shifted its stance on the investment products.
Analytics firm IntoTheBlock says that deep-pocketed crypto investors are rushing to load up on Ethereum in anticipation of the ETF launch.
“$126 million worth of ETH was withdrawn from exchanges [last] week, signaling accumulation ahead of the ETF launch.”
While whales appear to be bullish on ETH, crypto analyst Kaleo thinks the ETF launch will lead to a brief price spike before Ethereum witnesses a correction. According to Kaleo, the ETF launch will turn out to be a sell-the-news event.
But after the pullback, the trader predicts that ETH will soar above $4,550.
“If you’re really bullish on this cycle, one more sweep of the lows would be an absolute gift. We’re heading way higher from here – just think we might need a bit more patience before the fun really starts.”
At time of writing, Ethereum is worth $3,521, a slight increase on the day.
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