The price of Ether has surged past $3,300, driven by the anticipation that spot ETH exchange-traded funds (ETFs) might launch by the end of this week.
Ether is currently trading at $3,331, marking a 16% increase from $2,909 over the past week, according to TradingView data.
Nate Geraci, ETF analyst and president of The ETF Store, predicted on X that eight spot ETH ETFs would be launched by the week’s end.
He posted on July 14, “Welcome to spot ETH ETF approval week.
“Don’t know anything specific, just can’t come up [with] good reason for any further delay at this point.”
Echoing Geraci’s sentiment, an anonymous source familiar with the situation informed Cointelegraph on July 12 that the spot ETH funds were expected to launch by the week’s conclusion.
Several issuers, including VanEck and 21Shares, filed amended registrations last week, aiming to secure the SEC’s final approval to list spot Ether ETFs.
Analysts believe the launch of these ETFs will be a significant catalyst for ETH prices in the coming months.
READ MORE: CoinStats Exploiter Moves Nearly $1 Million in Ether to Tornado Cash Following Major Breach
Tom Dunleavy, a managing partner at crypto investment firm MV Global, told Cointelegraph he expects the funds to attract up to $10 billion in new inflows in the months following their launch.
This influx could drive Ether prices to new all-time highs by the end of the year.
Contrary to the popular opinion among other ETF analysts, Dunleavy argued that Ether ETFs would be easier to sell to Wall Street compared to Bitcoin ETFs.
“We believe that there will be strong buy pressure with a much more clear narrative that traditional investors can understand. ETH has cash flows.
It can be described as a tech stock, the app store of crypto, or an internet bond,” Dunleavy noted in a Q2 investor update to Cointelegraph.
“This is a much easier sell for financial advisors than ‘digital gold.’” He added that ETH’s price action, which has lagged behind Bitcoin for the last 18 months, would rebound quickly following the launch of the funds.
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