Miami, Florida – Following the encouraging comments from SEC Chair Gary Gensler regarding the approval timeline for Ethereum spot Exchange Traded Funds (ETFs), Bloomberg’s Senior Analyst Eric Balchunas has made headlines with his predictions for a potential start date.

According to Balchunas, there is a possibility that Ether ETFs could begin trading in the United States as early as July 2nd. He mentioned that the Staff sent issuers comments on S-1s, and they are relatively light, asking for them back in a week.

This news has ignited optimism within the cryptocurrency community, particularly in terms of the market opportunities expected for Ethereum in the near future. Balchunas also hinted at the launch potentially aligning with the United States’ Independence Day on July 4th.

When comparing the approval processes of Bitcoin and Ethereum ETFs, Ethereum appears to be outperforming Bitcoin, as seen in the recent rally that Ethereum experienced after the approval of Bitcoin ETFs. This contrast is evident with Ethereum showing a modest increase of just over 1% while Bitcoin struggled.

Despite the fluctuating dynamics in the crypto market, it is still premature to conclude whether investors are shifting their focus from Bitcoin to Ethereum. An analysis conducted by AMBCrypto of Santiment indicated that social dominance metrics for both ETH and BTC were on the rise, yet the Relative Strength Index (RSI) remained stagnant, showing no clear signs of either bullish or bearish momentum.

Looking ahead, as anticipation grows for potential Ethereum ETF approval, the future remains uncertain for both Bitcoin and Ethereum as they navigate the ever-changing landscape of the cryptocurrency market.