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Analyst Pushes Ethereum ETF Launch to Week of July 8

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Anticipation for the spot Ethereum exchange-traded funds (ETFs) to begin trading in the United States by July 2 has faced a setback. New information indicates the launch might be delayed until the week of July 8.

Bloomberg analyst Eric Balchunas made this revelation on social media platform X while explaining why the Ethereum ETFs might not start trading soon.

This week, the US Securities and Exchange Commission (SEC) returned the S-1 forms to potential Ethereum ETF issuers. Balchunas mentioned that the forms were returned with minimal comments. Issuers, however, might have to wait until after the holidays next week to proceed.

“Unfortunately, I think we have to push back our over/under till after holiday. Sounds like SEC took extra time to get back to people this week (although again very light tweaks) and from what I hear next week is dead because of the holiday. [By] July 8 the process [will] resume and soon after that they’ll launch,” Balchunas stated.

Industry experts initially predicted that the regulator might approve the funds linked to the spot price of ETH before July 4. They based this on VanEck’s submission of a Form 8-A filing for its Ethereum ETF, suggesting imminent trading.

Read more: Ethereum ETF Explained: What It Is and How It Works

However, the Bloomberg analyst implied that some of the applicants’ lapses might have caused the new delay.

“[The] best theory is that not every issuer was as tight with their documents, so one or two of them could have slowed down the process. Or just summer hours/laziness from Staff,” Balchunas added.

Despite the delay, market experts believe the funds could attract significant investment once trading begins. Charles Yu, Vice President of Research at Galaxy Digital, speculated that ETH ETFs might see up to $1 billion in monthly inflows during the first five months.

“If futures markets and international crypto funds are any indication, we would expect ETH etf flows to be 20-50% of bitcoin etf flows. With $15 billion of net inflows into Bitcoin etfs to date, our estimated range implies eth etfs could see nearly $1 billion in monthly flows for the first 5 months,” Yu remarked.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum ETF
ETH ETF Estimated Inflows. Source: Galaxy Digital

This projection indicates the funds could attract over $11 billion in their first year of trading. Bitwise CIO Matthew Houang shares a similar view, predicting $15 billion in inflows within the first 18 months.

However, Yu also pointed out potential factors that could affect ETF demand. These include the lack of staking, the unwinding of Grayscale’s ETHE, and the funding rate for Ethereum ETFs.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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What to Expect on May 7

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The highly anticipated Pectra upgrade will launch on the Ethereum (ETH) mainnet on May 7, 2025, after overcoming a series of technical challenges and delays in the testnet phase. 

Ethereum developers announced the date during the All Core Developers Consensus (ACDC) meeting on April 3, 2025.

Pectra Upgrade Countdown Begins

The upgrade was initially slated for a tentative mainnet launch on April 30. However, Ethereum developers have postponed the launch by one week.

“We’ll go ahead and lock in May 7 for Pectra on mainnet,” Ethereum Foundation researcher Alex Stokes said.

In preparation for this, Stokes confirmed that client releases will be made available by April 21, ensuring that all users have the necessary updates and tools ahead of the mainnet launch. On April 23, a detailed blog post outlining the Pectra mainnet will be published.

Ethereum Developers Consensus Layer Meeting 154

The Pectra upgrade will introduce 11 Ethereum Improvement Proposals (EIPs) to enhance various aspects of the network. Notably, three EIPs are dedicated to improving the validator experience. 

The first is EIP-7251. This will increase the staking limit for validators from 32 ETH to 2,048 ETH per validator. This change aims to enhance capital efficiency for large stakers and staking pools.

“This simplifies the staking experience, allowing users to manage multiple validators under one node instead of several,” an analyst remarked.

Moreover, EIP-7002 introduces execution-layer triggerable withdrawals, giving validators more control. Meanwhile, EIP-6110 reduces the deposit processing delay from about 9 hours to just 13 minutes.

The upgrade will also include EIP-7702, a major step toward account abstraction. It allows Externally Owned Accounts (EOAs) to gain smart contract functionality while maintaining simplicity. This enables features like transaction batching, gas sponsorship (where third parties pay fees), passkey-based authentication, spending controls, and asset recovery mechanisms.

Finally, the upgrade increases blob capacity through EIP-7691. In addition, EIP-7623 helps manage the increased bandwidth requirements. These updates aim to make Ethereum more scalable, efficient, and user-friendly.

It is worth noting that the road to the mainnet launch has not been without hurdles. Two previous tests on the Holesky and Sepolia test networks failed to finalize properly. However, Pectra achieved full finalization on the Hoodi testnet on March 26, marking a significant milestone toward the successful deployment of the upgrade.

Despite the technical progress, ETH continues to face market challenges

Ethereum Price Performance
Ethereum Price Performance. Source: BeInCrypto

Data from BeInCrypto shows that ETH dropped 4.8% over the past week, with weekly losses extending to 17.1%. At the time of writing, the altcoin was trading at $1,822, reflecting a small daily gain of 0.8%.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Futures and Illinois Lawsuit Relief

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Coinbase filed with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token.

The move comes after a positive development for the crypto derivatives market in the US, reflecting shifting regulatory ties in the country.

Coinbase Files for XRP Futures Trading With CFTC

Coinbase Derivatives has submitted a filing to self-certify XRP futures. It will provide a regulated, capital-efficient means for market participants to gain exposure to XRP. The new contract could go live as soon as April 21.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures – bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets. We anticipate the contract going live on April 21, 2025,” read the announcement.

Meanwhile, the official filing indicates that the XRP futures contract will be a monthly cash-settled and margined contract trading under the symbol XRL.

Each contract represents 10,000 XRP and will be settled in US dollars. Trading will be available for the current month and two subsequent months. As a protective measure, trading will be temporarily halted if the spot XRP price moves more than 10% within an hour.

XRP Price Performance
XRP Price Performance. Source: BeInCrypto

The Coinbase Exchange also confirmed that it has engaged with Futures Commission Merchants (FCMs) and other market participants. Both references reportedly expressed support for the launch.

However, Coinbase is not the first US-based exchange to introduce regulated XRP futures. In March, Chicago-based Bitnomial launched what it advertised as the country’s first CFTC-regulated XRP futures contract.

For Coinbase, however, the boldness comes after the CFTC eased key regulatory hurdles for crypto derivatives trading. As BeInCrypto reported, this signaled a more accommodating stance towards the sector.

“Pursuant to Commodity Futures Trading Commission (“CFTC” or “Commission”) Regulation 40.2(a), Coinbase Derivatives, LLC (the “Exchange” or “COIN”) hereby submits for self-certification its initial listing of the XRP Futures contract to be offered for trading on the Exchange…,” an excerpt in the filing indicated.

This suggests that the commodities regulator’s shift, revoking previous crypto-related guidelines, may boost institutional confidence. For XRP, this development bolsters confidence in the asset’s previously contentious status following Ripple’s recent regulatory breakthrough.

“Coinbase Derivatives’ filing with the CFTC to self-certify XRP futures aims to legitimize XRP trading by offering a regulated, capital-efficient product for investors,” one user remarked.

The futures contract might also help the odds of XRP ETF approval. Recently, the SEC delayed several applications to create one, and its status is in limbo.

XRP ETF approval odds
XRP ETF approval odds. Source: Polymarket

Data on Polymarket shows bettors see a 74% chance for XRP ETF approval in 2025 and a more modest 34% by July 31.

Elsewhere, the timing of this filing aligns with recent favorable regulatory developments for Coinbase. Reports suggest Illinois intends to drop its lawsuit against the exchange over its staking services.

Up to 10 states filed a lawsuit against Coinbase in June 2023 alleging that its staking program constituted unregistered securities offerings.

This recent development makes Illinois the fourth state to withdraw legal action against Coinbase. Vermont, South Carolina, and Kentucky also dismissed their cases on March 13, 27, and 31, respectively.

However, the cases remain active in Alabama, California, Maryland, New Jersey, Washington and Wisconsin.

These legal retreats coincide with the US SEC’s (Securities and Exchange Commission) February decision to abandon its federal lawsuit against Coinbase. BeInCrypto reported that this development marked a broader shift in the regulatory approach under the current administration.

“Regulators are losing steam, and Coinbase is stacking quiet courtroom wins. Staking’s future in the US might just be back on track,” a user commented.

Illinois’ decision to drop its lawsuit comes as the state advances a Bitcoin strategic reserve bill. Specifically, Illinois State Representative John M. Cabello introduced House Bill 1844 (HB1844), highlighting Bitcoin’s potential as a decentralized, finite digital asset.

“A strategic bitcoin reserve aligns with Illinois’ commitment to fostering innovation in digital assets and providing Illinoisans with enhanced financial security,” the bill read.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Dogecoin (DOGE) Bleeds Further—Fresh Weekly Lows Test Investor Patience

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Dogecoin started a fresh decline from the $0.180 zone against the US Dollar. DOGE is consolidating and might struggle to recover above $0.1680.

  • DOGE price started a fresh decline below the $0.1750 and $0.170 levels.
  • The price is trading below the $0.1680 level and the 100-hourly simple moving average.
  • There was a break below a key bullish trend line forming with support at $0.170 on the hourly chart of the DOGE/USD pair (data source from Kraken).
  • The price could extend losses if it breaks the $0.1550 support zone.

Dogecoin Price Dips Again

Dogecoin price started a fresh decline after it failed to clear $0.180, like Bitcoin and Ethereum. DOGE dipped below the $0.1750 and $0.1720 support levels.

There was a break below a key bullish trend line forming with support at $0.170 on the hourly chart of the DOGE/USD pair. The bears were able to push the price below the $0.1620 support level. It even traded close to the $0.1550 support.

A low was formed at $0.1555 and the price is now consolidating losses. There was a minor move above the 23.6% Fib retracement level of the downward move from the $0.180 swing high to the $0.1555 low.

Dogecoin price is now trading below the $0.170 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.1650 level. The first major resistance for the bulls could be near the $0.1680 level. It is near the 50% Fib retracement level of the downward move from the $0.180 swing high to the $0.1555 low.

Dogecoin Price

The next major resistance is near the $0.1740 level. A close above the $0.1740 resistance might send the price toward the $0.180 resistance. Any more gains might send the price toward the $0.1880 level. The next major stop for the bulls might be $0.1950.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.170 level, it could start another decline. Initial support on the downside is near the $0.160 level. The next major support is near the $0.1550 level.

The main support sits at $0.150. If there is a downside break below the $0.150 support, the price could decline further. In the stated case, the price might decline toward the $0.1320 level or even $0.120 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now losing momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.1600 and $0.1550.

Major Resistance Levels – $0.1680 and $0.1740.



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