- Constancy’s Ethereum ETF faces a delayed resolution from the SEC, with a ultimate decision anticipated by March 5, 2024.
- Analysts, together with James Seyffart, predict potential approval for spot Ethereum ETFs in late Might.
- Constancy’s Bitcoin ETF positive aspects important traction, accumulating $2.1 billion in buying and selling quantity inside the first 5 days.
Whereas Bitcoin ETFs made a triumphant debut within the US, the watch for its Ethereum counterpart continues. Constancy, one of many main candidates, obtained a delayed resolution from the U.S. Securities and Trade Fee, pushing the ultimate decision to March 5, 2024.
“The Fee finds it applicable to designate an extended interval inside which to take motion on the proposed rule change in order that it has adequate time to contemplate the proposed rule change and the problems raised therein,” the submitting mentioned.
This comes as no shock to many consultants, together with Bloomberg’s James Seyffart, who predicts a late Might approval date for spot Ethereum ETFs. This aligns with the SEC’s deadline to make ultimate selections on a number of functions by Might.
The bullish sentiment for Ethereum ETF approval is shared by a number of others. Senior ETF analyst Eric Balchunas believes it’s unlikely for the SEC to greenlight spot Bitcoin ETFs however not spot Ethereum ETFs.
Nonetheless, TD Cowen, a number one funding financial institution, throws a curveball, suggesting a probably lengthy wait of as much as 26 months with approval solely after the US elections. The financial institution expects the SEC to prioritize gaining expertise with Bitcoin ETPs earlier than contemplating Ethereum or different crypto token ETPs.
Constancy Investments joined BlackRock within the Ethereum ETF race, submitting a 19b-4 utility with the SEC on November 17. In keeping with the submitting, the proposed rule change names the fund the Constancy Ethereum Fund.
In the meantime, Constancy’s Bitcoin ETF is already making waves. Inside its first 5 days, it raked in a whopping $2.1 billion in buying and selling quantity and $1 billion in inflows, incomes it a spot among the many prime issuers alongside BlackRock and Grayscale. Seyffart highlighted this, saying, “Notably, Constancy additionally joins the Billionaires membership.”
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