The Chicago Board Options Exchange, also known as Cboe, has recently announced the launch of five new spot Ethereum exchange-traded funds (ETFs) that are scheduled to start trading on July 23. This confirmation comes after reports earlier in the week hinted at this development.
These ETFs, including 21Shares’ CETH, Fidelity’s FETH, Franklin Templeton’s EZET, Invesco’s QETH, and VanEck’s ETHV, are currently pending final regulatory approval. Once approved, they will be listed on Cboe’s BZX Exchange and quoted on the SIAC Tape B data feed.
Senior Bloomberg ETF analyst Eric Balchunas shared on July 15 that the Securities and Exchange Commission (SEC) had instructed issuers to submit final amendments in preparation for the trading launch the following week. Sources have indicated that the final approval is expected on July 22, leading to a trading launch on Tuesday.
The introduction of these ETFs is anticipated to increase Ethereum’s liquidity and market depth, attracting a broader range of institutional investors who have been hesitant to invest directly in cryptocurrencies due to regulatory uncertainties. This move could pave the way for further institutional adoption, potentially driving Ethereum prices higher, with some analysts predicting the token could surpass $5000.
The launch of these Ethereum ETFs may signal a broader trend of integrating digital assets into traditional financial products. Depending on the SEC’s decision, other jurisdictions may follow suit, expanding the availability of crypto ETFs globally. While some firms are already working on ETFs linked to other major cryptocurrencies like Solana and Injective, the lack of a regulated futures market for these tokens could pose a challenge in obtaining approval.
As of the latest data, Ethereum is trading at $3515, showing a 2.2% increase over the past 24 hours. In comparison, Bitcoin, which holds the top position by market cap, has seen a 4.64% increase in price, with a market capitalization of $1.32 trillion and a 24-hour trading volume of $37 billion.
The total crypto market is currently valued at $2.44 trillion with a 24-hour volume of $83.73 billion, and Bitcoin dominance stands at 54.24%. This development in Ethereum ETFs could have a significant impact on the crypto market as a whole, potentially leading to further innovation and adoption of digital assets in traditional financial systems.