Today, on July 9th, ETH (Ethereum) surged past the $3,000 mark, rising by up to 8% following positive news regarding Spot ETH ETF funds. In this article, TradeCoinVN explores the reasons behind ETH’s strong performance over the past 24 hours.

1. Updates on Spot ETH ETFs

VanEck prepares S-1 amendment filing for Spot ETH ETF with SEC

On the evening of July 8th, several asset management companies, including VanEck, Fidelity, Franklin Templeton, 21Shares, Grayscale, and BlackRock, resubmitted their amended S-1 filings for Spot ETH ETFs to the SEC (U.S. Securities and Exchange Commission).

Monday, July 8th, was the deadline for issuers to submit amended registration filings for Spot ETH ETFs. Notably, VanEck updated its management fee to just 0.2% per year in the amended filing, significantly lower than the previous rate.

Bitwise updated its S-1 filing on July 3rd. Some issuers, including the world’s largest asset manager BlackRock, have not yet set a specific fee.

Eric Balchunas, a senior ETF analyst at Bloomberg, stated in a post on X (Twitter): “The SEC requires issuers to submit S-1 filings, but disclosing the fee is not yet necessary. They will soon provide guidance and return the documents to the issuers to fill in the fee and operational timeline.”

If there are no further amendments, the crypto community expects the SEC to approve the Spot ETH ETFs around mid to late July.

ETH (Ethereum) price chart on daily frame (D1)

Positive news related to Spot ETH ETFs has helped ETH increase nearly 8% in the past 24 hours, currently trading around $3,050.

Previously, the SEC approved form 19b-4 for eight Spot ETH ETF issuers on May 23. However, issuers still need their S-1 filings to be effective before trading can begin, as part of a two-step process.

SEC Chairman Gary Gensler mentioned in an interview with Bloomberg at the end of June that the process of launching Spot ETH ETFs is “going smoothly.”

2. Updates on Spot SOL ETFs

On the same day, the Chicago Board Options Exchange (Cboe) officially filed form 19b-4 with the SEC to list Spot SOL ETFs for two asset management companies, VanEck and 21Shares.

Once the SEC acknowledges receipt of the filing, there will be a 240-day period for the regulatory body to approve or reject the products.

Rob Marrocco, Head of ETPs at Cboe Global Markets, stated: “After successfully listing Spot BTC ETFs earlier this year, Cboe is addressing the growing investor demand for Solana – the third most popular coin after BTC and ETH.”

Cboe currently lists 6 of the 10 existing Spot BTC ETFs, including products from Fidelity, Ark/21Shares, and VanEck. Cboe will also list 5 Spot ETH ETFs once they are approved.

Token SOL Performance

SOL (Solana) price chart on daily frame (D1)

SOL has shown strong performance amid the recent market downturn. Since the beginning of July, SOL has only decreased by about 6%, while many other altcoins have experienced drops ranging from 20% to 30%.

Source: Tradecoinvn