- S-1 filings were sent by firms such as VanEck and BlackRock to the SEC
- ETH’s price action has remained the same, with network growth recording an uptick
Ethereum’s [ETH] price has been clinging on to the $3,500-level for quite some time now. However, recent progress in the ETF space could lend the world’s largest altcoin some much-needed respite on the charts.
S-1 filings on the rise
Inching closer to launch, eight applicants for spot Ethereum ETFs, including major players like Bitwise, Fidelity, VanEck, and BlackRock, filed updated versions of their registration statements with the SEC ,according to Bloomberg analyst Eric Balchunas. These S-1 filings mark a key step in the approval process for these ETFs.
Franklin and VanEck have already disclosed their expense ratios, with Franklin setting its fee at 0.19% last month and VanEck following suit on Friday at 0.2%. BlackRock, on the other hand, revealed a $10 million seed investment in its proposed ETF.
The SEC will now review the updated filings and provide any feedback to the issuers before a final decision is made. This development is a positive sign for investors who have been eagerly awaiting the launch of other spot Ethereum ETFs, potentially opening up easier access to Ethereum for traditional investment portfolios.
Source: X
Balchunas also offered a tentative date of 2 July as a target for the launch of these Ethereum ETFs. While this is not an official confirmation, it does provide a clearer timeframe for investors who are eagerly awaiting access to these ETFs.
Here, it’s important to note that the SEC still needs to review the filings and potentially request changes before final approval is granted. However, Balchunas’ prediction suggests a potential launch window in the coming weeks, if the SEC’s review process progresses smoothly.
Source: X
How is ETH doing?
At press time, ETH was trading at $3,502.74, with its price down by 0.29% in the last 24 hours. Despite the decline in price, however, its network growth surged significantly over the last few days. A hike in network growth indicated that the number of new addresses interacting with ETH had grown materially.
As interest from new addresses grows, the chances of ETH rising to its previously-claimed highs also increase.
Read Ethereum’s [ETH] Price Prediction 2024-2025
Coupled with the hike in network growth, the velocity of ETH also surged. This implied that the frequency with which ETH was trading at had risen significantly over the last few days.
Source: Santiment