Ether (ETH) has soared past the $3,300 mark, igniting excitement across the crypto community. This rally comes amid whispers that spot ETH exchange-traded funds (ETFs) could debut as early as this week. Currently trading at $3,331, Ether has seen a notable 16% jump from $2,909 over the past week, according to TradingView data.
Nate Geraci, an ETF analyst and president of The ETF Store, has fueled speculation with his confident predictions on social media. “Welcome to spot ETH ETF approval week. Don’t know anything specific, just can’t come up [with] good reason for any further delay at this point,” he tweeted, signaling a high likelihood of the ETFs launching imminently.
An insider source stated that the anticipated spot ETH funds are indeed expected to hit the market by week’s end. Heavyweights like VanEck and 21Shares have been quick to update their filings, positioning themselves for the SEC’s green light to begin listing these groundbreaking ETFs.
Crypto analysts are buzzing about the potential impact. Tom Dunleavy, managing partner at MV Global, projects that these new ETFs could draw in up to $10 billion in fresh investments, pushing Ether prices to record highs by year-end. He also believes that selling ETH ETFs to Wall Street will be easier than Bitcoin ETFs, due to ETH’s tangible cash flows and its positioning as a tech asset rather than just “digital gold.”
Dunleavy’s optimism is shared by many in the crypto sphere. As Ether’s price action has lagged behind Bitcoin over the past 18 months, the launch of these funds is expected to shift the momentum. With traditional investors eyeing ETH as a promising tech stock or internet bond, the stage is set for Ether to take center stage in the crypto market.