The U.S. SEC has granted the final approval for the first spot ETH ETFs in the United States, with trading set to begin on July 23.

SEC Approves Spot Ethereum ETFs

On July 22, the U.S. Securities and Exchange Commission accepted the securities filings of several spot Ethereum exchange-traded funds, clearing them for trading. These ETFs are set to be offered by eight issuers, including major asset management firms like Fidelity, Blackrock, and VanEck, as well as 21Shares and Bitwise.

The SEC initially approved applications for these ETH ETFs at the end of May. However, issuers were awaiting approval for their S-1 filings—the registration of new securities—to start trading officially. Last week, the SEC informed issuers that they needed to finalize their S-1 documents by July 17 to receive approval for trading to start on July 23.

Potential Impact on ETH Price

A report from Kaiko Research suggested that the outlook for the price of ETH after the spot ETFs launch remains unclear. The firm noted that when futures-based ETH ETFs launched last year, the demand was not strong. Over the past 24 hours, the price of ETH has decreased by about 2.5%, currently trading near $3,400. Analysts from IntoTheBlock highlighted that Ethereum faces critical resistance around the $3,500 level.

“The outlook for the price of ETH after the spot ETFs launch remains unclear.”

Broader Market Implications

As with spot Bitcoin ETFs, the launch of a spot ETH ETF is seen by analysts and the industry as a positive sign for broader adoption. Since ETFs are traded on traditional exchanges through brokerage accounts, more traditional investors now have access to the two largest cryptocurrencies by market cap via a vehicle they are familiar with.

First Bitcoin, Now Ethereum

Spot BTC ETFs were approved for trading in the U.S. in January. Since then, they have seen significant inflows, and the price of Bitcoin has increased by almost 50%, currently trading near $67,700.

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