Ethereum ETFs Near July 2nd Launch as Major Firms Submit Filings, Fidelity Invests $4.7 Million

The Ethereum (ETH) market is experiencing a surge in optimism as the launch of ETH ETFs approaches, with a projected launch date around July 2nd. Major financial institutions, including Fidelity, BlackRock, and Grayscale, have submitted amended S-1 forms for SEC review, indicating significant progress towards final approval. Fidelity has also disclosed a $4.7 million seed investment in its spot Ethereum ETF. The options market reflects this optimism, with heavy buying activity of top-side calls. Additionally, Ethereum's Layer 2 user base is reaching new all-time highs, and the SEC has dropped its investigation into whether ETH is a security. Analysts predict that capturing 10-20% of Bitcoin ETF flows could propel ETH above $4,000, nearing its peak of $4,800. Bybit's institutional investors have tripled their ETH exposure ahead of the ETF launch.