Ethereum Investors Should Keep This Important Date In Mind

Ethereum ETFs have become the rave in recent times with a good number of investment firms throwing their hats in the ring. As the bear market lingers, crypto investors continue to look to events that could trigger another price rally. The approval of an Ethereum ETF would no doubt be one of such events, which is why these October dates are important to keep in mind.

First Ethereum ETF Approval Decision Coming Up

After firms have been able to finalize their filings for Ethereum ETFs with the United States Securities and Exchange Commission (SEC), the ball is now in the court of the regulator. Depending on the dates on which the ETF filings were made, their decision dates are either closer or farther away, but the first one is less than two weeks away.

According to the SEC’s schedule of deadlines for all of the Ethereum ETFs applied for so far, the Valkyrie Bitcoin & Ether Strategy ETF (BTF) submitted by Valkyrie Investments in August is the first to be decided on. Valkyrie’s ETF decision is expected to be made on October 3, 2023.

While the regulator can either accept or deny the Ethereum ETF application on this date, it can also choose to postpone its decision. However, some believe that there is an approval coming in October. A Bloomberg report citing sources familiar with the matter stated that they do not believe that the SEC would block out the Ethereum ETFs.

The October 3 date is, however, not the only important one as all of the filings have their deadline dates scattered through the month. The next in line is the Bitwise Bitcoin & Ether Equal Wght ETF (BITC) with a deadline of October 9, 2023. Following shortly after this is the Ether Strategy ETF (ETHU) filed by Volatility Shares with a deadline of October 11, 2023.

In total, there are 16 ETF filings on the list. Eight of these have their deadlines set for October 16, 2023, three have a deadline of October 17, 2023, one on October 18, 2023, and the last on October 30, 2023.

Deadlines for 16 ETF filings | Source: Bloomberg

What Happens If An ETF Gets Approved?

Expectations for when an Ethereum ETF gets approved have been almost unanimously bullish across the space. Such an approval would give institutional investors an avenue to invest in the second-largest cryptocurrency by market cap, leading to billions of dollars being pumped into the digital asset.

Some of the filings have also revealed that they plan to purchase Ether to meet their obligations. If they do so, the large quantities that these funds would be buying would see a good chunk of supply being bought up.

In this case, approval could easily see the price of ETH rise another 50% from its current position to put it above $2,000. Taking the first Bitcoin ETF approval as a case study, it could be the catalyst needed for ETH to reach a new all-time high.

ETH bears threaten price crash | Source: ETHUSD on Tradingview.com

Featured image from AMBCrypto, chart from Tradingview.com