Series of Ethereum Futures ETFs Could Launch This Week Arigatou
According to experts at Bloomberg, there's a strong likelihood that up to 9 Ethereum Futures ETFs will launch on October 2, 2023.
Series of Ethereum Futures ETFs Could Launch This Week. Photo: Reuters
It's predicted by Bloomberg's Eric Balchunas that ETFs from ProShares, Bitwise, Valkyrie, and VanEck will debut on October 2, 2023 (US time).
If this scenario materializes, it would mark the first time multiple ETFs of the same asset type are launched simultaneously.
VanEck is confirmed to launch their ETF and it will be the first Ethereum Futures ETF to trade in the US, followed by Valkyrie with a mixed ETF of BTC and ETH. Additionally, VanEck has committed to allocate 10% of profits from ETF trading to the Protocol Guild (a group of key Ethereum developers) for at least the next 10 years.
Alright we got NINE funds ready to go in the Ether Futures ETF Derby which begins 9:30am Monday. This is totally unprecedented to have so many ETFs doing same thing launching same day. Gonna be a fascinating experiment and great foreshadow/undercard to the spot race @JSeyff pic.twitter.com/uOFJ8fRqp1
— Eric Balchunas (@EricBalchunas) September 29, 2023
Insiders at Bloomberg have previously indicated a high probability of SEC approval for these Ethereum Futures ETF proposals. Analysts share similar views with the publication, along with predictions of Ethereum's price increase in the near term.
The ETF wave has been reinvigorated in recent months, with numerous prominent names confirming their participation, including Volatility Shares, Direxion, Bitwise, ProShares, Roundhill, Valkyrie, and most recently, Grayscale, all filing for Ethereum Futures ETFs.
ETF Ethereum Futures refer to investment fund products in ETF form based on the trading price of Ethereum futures contracts. These products will be available to investors with accounts on US stock exchanges, potentially attracting new capital flows.
In other developments, SEC recently postponed 7 applications for Bitcoin spot ETFs from major Wall Street players including BlackRock, Valkyrie, Invesco, Bitwise, Fidelity, WisdomTree, and VanEck. This move underscores SEC's stricter stance towards spot ETFs compared to futures ETFs. SEC Chairman Gary Gensler cited market manipulation and fraud concerns in the crypto market during his recent congressional hearing, despite urging from House lawmakers the previous week.
Ethereum (ETH) is currently priced at $1,728, up over 3% on the market's upward trend.
4-hour chart of BTC/USDT pair on Binance at 11:05 AM on October 2, 2023
