WSJ: Spot Ether ETF likely to start trading next week

The Wall Street Journal is reporting that spot Ether ETF trading is likely to begin next week. According the story:

• The Securities and Exchange Commission (SEC) has informed several asset managers that the first U.S. exchange-traded funds (ETFs) holding ether could launch next Tuesday, July 23.
• The SEC is expected to declare fund-registration statements effective next Monday after asset managers submit a final round of filings this week.
• Once the statements are effective, the sale of ETF shares can begin.

An SEC spokesperson declined to comment on individual filings.

In May, the SEC approved stock exchanges to list these funds, surprising the crypto community. Eight asset managers, including BlackRock and Fidelity Investments, have applied to launch these spot ether ETFs, which buy and sell the digital currency itself, unlike existing ETFs that rely on ether futures. Many of these managers also launched the first batch of spot bitcoin ETFs, which have recorded nearly $16 billion in total net inflows since debuting in January.

The price of ether is currently trading at $3435. Technically, the price is trading just above the 50% of the recent move down from the end of June high. That midpoint comes in at $3391.70. The price has traded above and below that midpoint level today, but still is a risk defining level in the short term for buyers.

This article was written by Greg Michalowski at www.forexlive.com.