In the ever-growing anticipation of the Ethereum spot ETFs hitting the market, Bloomberg analyst Eric Balchunas has put forth July 2, 2024, as the projected date for their trading debut in the United States. Balchunas' prediction is based on the Securities and Exchange Commission's (SEC) response to issuers on Friday, June 14.

According to Balchunas, the SEC provided relatively mild feedback to the S-1 forms submitted by potential issuers of Ethereum spot ETFs, indicating no major issues that need to be addressed. The commission has given them a week to respond to these comments.

Notably, the SEC has already approved the 19b-4 forms for eight potential issuers, including BlackRock, Fidelity, VanEck, and Franklin Templeton. However, the greenlight from the SEC on the S-1 forms is still awaited for the Ethereum spot ETFs to officially go live.

Balchunas, in a post, said, "Decent chance they work to declare them effective the next week and get it off their plate before the holiday weekend." He further added that this update has provided some good news as the timeframe seemed to be lengthening. The previously speculated over/under date of July 4th hasn't shifted significantly, but July 2nd has emerged as the current estimated date for the trading launch.

SEC Chair Gary Gensler had previously stated during a budget hearing that the final approvals for Ethereum spot ETFs should be completed by summer. This development is expected to draw a substantial influx of capital into the market, further boosting Ethereum as the second-largest cryptocurrency.

Additionally, an analysis of the latest on-chain data reveals an increased demand for Ethereum, particularly from permanent investors. CryptoQuant's Permanent Holders Inflows metric indicates a significant spike, with permanent holders acquiring 298,000 BTC on June 12th. This uptick suggests that institutions are actively positioning themselves ahead of the impending launch of Ethereum spot ETFs.

With the potential date set for July 2nd, all eyes are now on the SEC as investors and market participants eagerly await the approval of the S-1 forms, paving the way for the much-anticipated trading launch of Ethereum spot ETFs. The launch is expected to have a notable impact on the value and liquidity of Ethereum, as it attracts greater institutional participation.

As of now, Ethereum's price is approaching $3,600 on the daily timeframe, signaling continued bullish sentiment in anticipation of the ETF launch, according to data from ETHUSDT chart on TradingView.