Ethereum futures ETFs might commence trading in the US as early as the forthcoming week, as suggested by Bloomberg Analyst.
On September 28, James Seyffart, an analyst from Bloomberg Intelligence, made a recent statement. He conveyed that it seems probable that the SEC will grant approval for the introduction of multiple Ethereum futures ETFs. This development is expected in the upcoming week.
Seyffart’s comments were in response to fellow ETF analyst Eric Balchunas. Balchunas mentioned that he had heard the U.S. Securities and Exchange Commission is interested in expediting the launch of Ether futures ETFs.
Balchunas made an observation, stating, “They want to clear their desk prior to the shutdown.” Additionally, he noted that he has received information indicating that several applicants are making amendments to their documents.
These adjustments are being made by Friday afternoon, with the aim of potentially starting trading as early as the upcoming Tuesday.
Impending U.S. Government Shutdown and the Status of Ethereum Futures ETF Approval
Notably, an anticipated U.S. government shutdown is scheduled for 12:01 am ET on October 1. This will happen if Congress doesn’t reach an agreement or provide funding for the new fiscal year. The impact of this event is expected to be felt by various federal agencies, including the country’s financial regulatory bodies.
However, neither of the analysts revealed the sources of their information in this recent update about the extensive list of cryptocurrency ETFs awaiting approval. In a report published on September 27, they did, however, disclose that there are currently 15 Ether futures ETFs.
These ETFs come from nine different issuers, and they are all in the waiting stage for regulatory approval. Furthermore, Several companies, including VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill, have submitted proposals for Ether futures ETF products.
Meanwhile, the analysts have given a high 90% probability for the launch of Ether futures ETFs in October. Additionally, Valkyrie’s Bitcoin futures offering is set to be the first to provide exposure to Ether, with a scheduled launch date of October 3.
Nonetheless, the analysts cautioned that not all of these ETFs are expected to go live.
Back in August, Cointelegraph reported the possibility of Ether futures ETF gaining approval in October, which triggered an 11% surge in ETH prices at the time. Presently, ETH prices have seen a modest 1% increase on the day and are currently trading just above the $1,600 mark.
However, it’s worth noting that cryptocurrency futures products are not generating the same level of anticipation as their spot-based counterparts. Bitcoin futures ETFs have been available in the U.S. since 2021.
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