ETH Future ETFs Boost Hopes for Bitcoin Spot ETF
8 Potential ETH Future ETFs Awaiting Approval
The recent approval of an ETH Futures ETF has sparked optimism for the launch of additional eight ETH Future ETFs today. These developments enhance the likelihood of a Bitcoin Spot ETF being approved in the future.
Spot Ethereum ETF Approved
The US Securities and Exchange Commission (SEC) approved the sale of spot Ether Exchange-Traded Funds (ETFs) in the United States on May 23, 2024. Nine issuers, including VanEck, ARK Investments, 21Shares, and BlackRock, are poised to launch ETFs tied to the second-largest cryptocurrency, Ethereum.
Positive Impact on Ethereum Price
Ethereum's price has surged over 30% in the past week as investors anticipate the approval of spot ETFs. The SEC's rule change clarifies that ETH ETF shares will be created and redeemed with cash, not in kind, similar to BTC ETF applicants.
Trading Expectations
If approved on the 23rd, ETH ETFs are expected to begin trading soon after, following the precedent set by BTC ETFs, which were approved on January 10 and began trading the following day.
Institutional Confidence
The approval of ETH ETFs is considered a significant milestone that further establishes Ethereum as a secure asset for institutional investment, reducing concerns about regulatory uncertainties.
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