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On Wednesday, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), indicated that the launch of a spot ETH ETF might be delayed, following which the price of Ethereum (ETH) hovered around $3,860. Meanwhile, the open interest (OI) in Ethereum derivatives products on exchanges saw a significant increase.
Daily Market Summary: Delay in ETH ETF, Increase in Open Interest, Growth in New Holding Addresses In an interview with CNBC on Wednesday, SEC Chairman Gary Gensler stated that the listing of a spot ETH ETF on exchanges “will take some time,” suggesting that the approval of the S-1 will not come quickly. He noted that the agency is still working with exchanges to develop disclosure measures.
On May 23, the SEC unexpectedly approved the 19b-4 filings of eight issuers, and some analysts expected the agency to respond quickly to the S-1 registration statements. On Friday, the SEC asked issuers to submit updated S-1 documents, seemingly confirming these analysts’ expectations.
Following the submission, Bloomberg analyst Eric Balchunas indicated that the spot ETH ETF would launch in July. However, given Gensler’s recent comments, the ETF may take longer to begin trading.
In other news, according to CCData’s May exchange review, the open interest (OI) in exchange ETH derivatives reached a new historical high, growing by 50.3% to $14 billion. Notably, the open interest at the Chicago Mercantile Exchange (CME) surged by 59.4% to $1.25 billion.
Meanwhile, according to data from CryptoQuant, since the SEC’s shift towards an ETH ETF, the balance of new rising addresses holding between 10 – 10K and 10K to 100K ETH has been steadily increasing.
Sentiment: Neutral
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