SEC Hits Pause on Ethereum ETFs!

The launch of spot ETH ETFs might now be delayed to mid-July or later.

Author

Danielle du Toit
July 01, 2024

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Here's what we've got for you today:

  • Spot Ethereum ETF Launch Delayed by SEC Comments

  • Weekend Bitcoin Trading Hits Record Low in 2024

  • Ethereum Network Fees Plummet to Record Lows Since 2016

  • Floki Warns of Latest False Scam Tokens on Solana, Base Chains

The launch of US spot Ether ETFs, which many expected to happen as early as July 2, has been delayed. 

  • Bloomberg ETF analysts Eric Balchunas and James Seyffart shared that the SEC delayed returning S-1 forms for prospective spot Ether ETH ETF issuers, moving the potential launch to mid-July or later.

  • Nate Geraci, president of ETF Store, pointed out that the latest S-1 revisions were minor and he believes that the SEC will approve issuers for trading within 14–21 days.

  • The approval of the S-1 forms is the second step in a two-part process necessary for the ETFs to start trading.

A report from research firm Kaiko found that Bitcoin’s weekend trading volume has dropped from 28% in 2019 to just 16% in 2024.

  • In 2024, the weekend trading volume for Bitcoin (BTC) sunk to its lowest level in history.

  • The decline can be attributed to several factors, including the launch of spot Bitcoin ETFs. While crypto markets operate around the clock globally, ETF trading is only limited to stock market hours during the week.

  • While 6.6% of trading happens during the benchmark window on weekdays, this share drops to just over 4% on weekends.

On June 30, the Ethereum network recorded its lowest transaction fees since 2016.

  • The current average gas fees on Ethereum are just 3 Gwei, or approximately $0.14, according to Etherscan and Dune Analytics.

  • During the 2021 bull run, Ethereum's gas fees surged due to high demand, leading to concerns about network sustainability.

  • However, the current scenario is very different, with Ethereum's gas fees hitting unprecedented lows despite robust transaction activity.

In a recent tweet, the official Floki meme coin account issued a scam warning to its community. 

  • The Floki team warned its users about fraudulent claims that the FLOKI token is available on the Base or Solana blockchains.

  • This was not the first time that Floki had to issue a similar warning. Last month, the Floki team also issued an alert about fake FLOKI airdrop messages, comments, videos, and groups, which the team identified as scams.

  • FLOKI enthusiasts have become prime targets for crypto scams amid the project’s burgeoning ecosystem.

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