On August 24th, the U.S. Securities and Exchange Commission received two proposals for Ethereum futures ETFs. These applications were jointly filed by ARK Invest and 21Shares.
These filings come after the two firms previously joined forces to launch a Bitcoin ETF focused on spot trading in 2021. However, the SEC rejected all applications for spot-based ETFs. Presently, there are approximately 16 Ethereum-related ETF applications awaiting review, with several decisions expected in mid-October.
This timeframe could potentially mark a significant period for cryptocurrency news, contingent on any potential shift in the SEC’s stance.
There’s considerable anticipation revolving around Valkyrie’s ETF, which is scheduled for a decision on October 3 or 4. This particular ETF will adopt a hybrid approach, encompassing both Bitcoin (BTC) and Ethereum.
Following that, there’s further expectation for the first ETF exclusively focused on Ethereum futures, expected from Volatility Shares. The decision for this ETF is projected to take place around October 12.
Experts Express Surprise as Ethereum ETFs Interest Grows, While ETH Price Decline Persists
Nate Geraci, President of ETF Store, conveyed his astonishment at the increasing number of firms joining this field. He also expressed positive anticipation for the impending introduction of spot ETFs. Echoing this sentiment, ETF analyst James Seyffart of Bloomberg emphasized the significance of offering crypto exposure choices for companies, even if they may not yield immediate profitability.
However, despite the growing rivalry within the Ethereum ETF sector, the value of ETH has been on a downward trajectory. As of now, ETH has undergone a 1% decline, reaching a trading price of $1,659. This aligns with figures observed back in February.
Over the last fortnight, the cryptocurrency has seen a decline exceeding 10%, plummeting from its well-established support at $1,850 to its current value. While finding strong backing at $1,600, the scenario could change should BTC, its more prominent counterpart, experience another dip.
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