ETH ETF in final stages of discussions, short-term spike expected before potential approval date between July 2-4

The U.S. Securities and Exchange Commission (SEC) could approve an Ethereum spot ETF as early as July 4 (local time). The process is in the final stages of discussions among asset managers, regulators, industry executives and other participants. "We are in the final stages of finalizing the ETF approval," said a lawyer for a particular issuer who asked not to be identified. It appears to be just a week or two away," said a lawyer for a particular issuer who asked not to be identified. SEC Commissioner Gary Gensler has previously stated that the approval process for an Ethereum spot ETF would be finalized over the summer, and most recently noted that the ETH ETF approval process is on track.

Meanwhile, crypto asset manager Blofin has predicted in a report that an Ethereum spot ETF could lead to a short-term surge in ETH price. "With the impending decision on whether to launch an Ethereum spot ETF in the US, investor attention is shifting from Bitcoin to Ethereum. "Bitcoin's relative strength has been in place for months, and we expect a short-term surge in ETH price. Investors are now predicting that the launch of an Ethereum spot ETF will boost the price of Ethereum."

Amidst this, a former anonymous whale sold 6,001.7 ETH at $3384, realizing a profit of $1.64 million (8.8%). The volume was reportedly bought on May 17-18 at $3110.