VanEck Leads The Way With Amended S-1 For Spot Ethereum ETF

In a move that could prove decisive in changing the fate of the cryptocurrency market, an Ethereum exchange-traded fund is moving forward as major financial institutions compete for approval. Van Eck is The company amended its S-1 registration statement for its Spot Ethereum ETF to detail minor changes to its custody arrangements.

Following VanEck, several other firms, including 21Shares, BlackRock, Fidelity, Franklin Templeton and Grayscale, also filed with regulators later in the day. Market participants speculate that trading in these ETFs may begin around July 15.

Bloomberg ETF analyst Eric Balchunas Provided insight He noted that VanEck’s amended S-1 was the first to be filed, joining a wave of filings. “VanEck already had a fee structure in place, so there wasn’t much new in the filing. It’s more about putting the ball back in the SEC’s court. With the exception of Bitwise, which completed its filing last week, the remaining filings are due to be filed today,” Balchunas explained.

The journey of these spot Ethereum ETFs began on May 23rd, when the Securities and Exchange Commission (SEC) approved the issuer’s 19b-4 filing. However, before these ETFs can begin trading, the SEC must also approve the S-1 registration statement, with the expected trading date being July 15th.

Golem sells 24,400 ETH worth $72 million despite market rally

In contrast to the recent optimistic changes in the cryptocurrency market, Data from Lookonchain They point out Golem’s overwhelming movement: Over the past three days, Golem has sold 24,400 ETH (worth roughly $72 million) across major cryptocurrency exchanges, including Binance, Coinbase, and Bitfinex.

Today, Golem still holds 127,634 ETH, valued at roughly $372 million. Golem, which raised 820,000 ETH during its ICO in November 2016 when Ethereum was priced at $10.20, has seen its holdings increase in value significantly as the price of ETH has soared.

Analyst Predicts ETH Could Surpass $5,000

Renowned crypto analyst Trader Tardigrade shared their optimistic views Golem predicts the trajectory of Ethereum’s price despite the recent sell-off. He said Ethereum is forming a second descending triangle pattern, which historically suggests a breakout could occur within the next few months. He predicts that the next bull run could see Ethereum surpass the $5,000 level.

The recent sell-off did not lower the price of ETH. At the time of writing, Ethereum is trading at $3,093.24 with a 24-hour trading volume of $34.16 billion. The market cap is $371.61 billion. ETH price has risen 2.50% in the past 24 hours.

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