Crypto coins
Some crypto investors believe the approval of spot Ethereum ETFs will spur a massive bull run among altcoins. Pixabay

KEY POINTS

  • The latest filings didn't include management fees, so another found of fixing may be seen before the ETFs go live
  • Bloomberg analyst ETF Eric Balchunas said his 'best guess' for a launch date is July 18
  • Some crypto investors believe the full approval of spot ETH ETFs will trigger the 'biggest altseason' in the industry

Ethereum was among the top business and finance trends on X (formerly Twitter) from Monday night through early Tuesday after applying issuers for spot Ether ($ETH) exchange-traded funds (ETFs) submitted amended S-1 filings to the U.S. Securities and Exchange Commission (SEC).

X business trends July 9 2024
Ethereum was a top trend on X for several hours Monday night through early Tuesday. X Trends/Screenshot

Spot ETH ETF applicants file amendments

After receiving comments from the SEC earlier this month, issuers have filed their amended S-1 filings, which need approval from the regulatory agency before the funds go live.

Senior Bloomberg ETF analyst James Seyffart revealed the news late Monday, triggering a wave of bullish comments from users of Ether, the native cryptocurrency of the Ethereum blockchain.

Another round of amended filings?

Eric Balchunas, another senior Bloomberg ETF analyst, revealed that the SEC "told issuers the fee wasn't nec[essary] yet," which means the Wall Street regulator will require another round of filings that should already include management fees.

All the redacted parts of the amended filings will be filled out before the submission of the final amended documents, "and then it's go time," he said.

When will spot ETH ETFs launch?

The SEC has not provided an exact end date for its decision on the full approval of Ethereum ETFs. SEC Chair Gary Gensler previously said that the funds will probably go live this summer, but he has been refusing to provide an exact timeline.

Balchunas said his "best guess" in terms of the exact date for the funds' launch is July 18.

Notably, ETF Store President Nate Geraci pointed out a detail in a Monday press release by Grayscale wherein the asset management behemoth set a record date of July 18 for the initial creation and distribution of shares for its Grayscale Ethereum Mini Trust, its mini $ETH ETF.

Biggest altcoin season incoming?

Prominent crypto trader Ash Crypto believes that if the SEC fully approves spot $ETH ETFs this week, "it will really kickstart the biggest altseason in crypto history."

Web3 native @TheTradingTank said the approval of an Ether ETF is "bullish for memes," and if the funds get the complete approval anytime soon, the crypto market will see "a run unlike we've ever seen."

$SOL ETFs to come around in Q1 2025?

It could well be the beginning of a bull season for altcoins, or all other coins beyond Bitcoin. Balchunas said it's turning out well for Solana ($SOL) ETFs. The $SOL ETFs may get "a final deadline of mid-March 2025," he said, adding that if incumbent President Joe Biden wins, applications for the funds will be dead on arrival. But, if GOP presidential frontrunner Donald Trump wins, "anything" is possible, as per Balchunas.

Ether price early July 9 2024
Ether, the native token of the Ethereum blockchain, has been up by 5.8% in the last 24 hours. CoinGecko

$ETH fell below $3,000 earlier Monday, but it has since bounced back and started the day above $3,000, as per CoinGecko data. It has been on a 5.8% spike in the last 24 hours.

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