Spot ETH ETFs Ready for a July 2nd Launch?

ETF analyst Eric Balchunas believes spot Ether ETFs could start trading as early as Jul. 2, 2024.

Author

Danielle du Toit
June 26, 2024

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

  • Latest VanEck Ether ETF Filing Fuels Optimism for Early July Debut

  • Cardano Unfazed by Failed DDoS Attack Targeting Staked ADA

  • Florida Lawmaker Pitches ‘Bitcoin for Taxes’ Bill

  • Metallica’s X Account Hacked to Promote Crypto Token

ETF analyst Eric Balchunas believes that spot Ether ETFs could start trading as early as Jul. 2, 2024.

  • VanEck has filed Form 8-A with the SEC for its spot Ether ETF, causing analysts like Eric Balchunas to speculate that spot ETH ETF trading could start as early as Jul. 2, 2024.

  • Balchunas' prediction was mainly based on VanEck’s previous 8-A filing for its Bitcoin ETF, which launched on the market just seven days after filing.

  • However, SEC Chair Gary Gensler might have a more cautious timeline in mind, and suggested that listing Ether ETFs on stock exchanges could take months and may not happen until September 2024.

The Cardano blockchain was hit by a distributed denial of service (DDoS) attack late Tuesday.

  • However, the attack was unsuccessful and mitigated before any damage was caused, and the network continued to operate as usual.

  • According to Fluid Token’s CTO, the attack started at block 10,487,530, with each transaction executing 194 smart contracts. The attacker spent about 0.9 ADA per transaction, filling each block with multiple transactions to stress the network.

  • Philip Disarro, founder of Cardano development firm Anastasia, suggested that the DDoS attack could be stopped by deregistering the stake credential used by the attacker. The attack was stopped shortly after Disarro’s post.

A Florida lawmaker introduced a bill that would greenlight Bitcoin as an approved payment method for federal taxes.

  • Republican Representative Matt Gaetz proposed a bill allowing American citizens to settle federal income tax obligations using Bitcoin (BTC).

  • Gaetz was inspired by his personal observations of Bitcoin's impact in El Salvador, where BTC was legalized under pro-crypto President Nayib Bukele.

  • Despite scrutiny from the IMF and the U.S., El Salvador continued its BTC strategy, and has made billions in unrealized profit from its investment.

The official X account for heavy metal band Metallica was hacked, and the exploiters used the breach to promote Solana token METAL.

  • Metallica's team was able to regain control of their account and deleted all posts related to the token.

  • On Jun. 26, Metallica's X account posted about the METAL token, claiming that it has a partnership with Ticketmaster.

  • The total value of METAL briefly peaked at $3.37 million just 20 minutes after it was launched, according to Dexscreener data.

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