An expert in exchange-traded funds (ETFs) at Bloomberg is revising his estimated timeline for the approval of Ethereum (ETH) ETFs in the spot market, following recent comments made by the U.S. Securities and Exchange Commission (SEC).

Eric Balchunas, a specialist in ETFs at Bloomberg, took to the social media platform X to share his thoughts. He believes that spot ETH ETFs are unlikely to receive approval until after the July 4th holiday weekend, which extends until July 8th. Balchunas explains that many SEC staff members will be on break during this time, causing a delay in the approval process.

Previously, Balchunas had predicted that the SEC would approve the ETFs by July 2nd after the regulatory agency responded to several S-1 filings submitted by financial giants. However, the filings were sent back to the firms for modifications, indicating that approvals were imminent.

SEC Chair Gary Gensler had hinted at approving ETH-based spot market ETF applications, but did not provide a specific date. Gensler stated that the agency was currently working on the required disclosure statements needed for the approvals. He emphasized that it was up to the asset managers to provide the necessary disclosures.

The SEC had previously approved Bitcoin (BTC) ETFs in the spot market in January, resulting in significant inflows of funds into the top crypto asset by market cap. Recently, there have been bids to create ETFs based on Ethereum’s competitor, Solana (SOL).

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