Want to explore ETFs by July 2? Analyst makes this bold prediction!

• The analyst’s statements indicated the possibility of launching Ethereum ETFs on July 2
• Bitcoin appears to have been underperforming prior to ETH ETF approval

Following promising statements by SEC Chairman Gary Gensler (“sometime during this summer”) about the timeline for Ethereum’s approval. [ETH] Exchange-traded funds (ETFs) Bloomberg senior analyst Eric Balchunas are in the news today after he outlined a potential start date.

Balchunas’ predictions: true or not?

according to BalchunasETFs are likely to start trading in the US as early as July 2. He said,

“We are moving up our plus or minus date for the launch of the spot ETF to July 2nd, as we heard that staff sent issuer comments on the S-1 today, which is very light, nothing major, and we are asking them to come back in a week.”

This news has sparked optimism within the cryptocurrency community, especially regarding the upcoming Ethereum market opportunities.

In fact, the analyst also hinted at the fact that the aforementioned launch might be timed to coincide as closely as possible with July 4, which is the US Independence Day.

“Good chance they’ll work on getting it in effect next week and taking it out of their weekend. Anything is possible but this is our best guess so far.

Bitcoin ETF vs. Ethereum ETF

The delay in approval of ETH ETFs is nowhere near as long as Bitcoin’s journey [BTC] ETF approval process.

In July 2013, Cameron and Tyler Winklevoss, founders of the Gemini cryptocurrency exchange, filed their initial application with the Securities and Exchange Commission to create a Bitcoin exchange-traded fund.

Fast forward to January 2024, after nearly a decade of regulatory scrutiny and multiple applications, the SEC finally approved 11 Bitcoin ETFs.

Source: Reuters

Drawing parallels between Bitcoin and Ethereum ETF approvals, it is worth noting that following the Bitcoin ETF approval, Ethereum saw a huge spike, rising by 9.1% while Bitcoin underperformed.

Now, with ETH ETF approval expected, Ethereum, the second-largest altcoin, is emerging amid the market decline.

At the time of writing, Bitcoin and several other cryptocurrencies are flashing red candles on the daily charts. Conversely, Ethereum price was in the green after a modest rise of just over 1%.

In addition, according to a recent report by Persian investorsSpot Bitcoin ETFs saw two consecutive days of outflows on June 13 and 14, totaling $416.1 million.

Source: Farside Investors

Renowned analyst Willy Wu also chimed in to comment. He mentioned,

Source: Willie Wu/X

The future is still uncertain

Overall, although the dynamics are constantly changing across the cryptocurrency market, it is still too early to definitively conclude whether investors are moving away from Bitcoin towards Ethereum.

However, it is worth noting that AMBCrypto’s analysis of Santiment revealed that the social dominance metrics for both ETH and BTC were moving north. Despite this, the Relative Strength Index (RSI) remained flat, indicating no clear signs of bullish or bearish momentum.

Source: Santiment