ETH Price Unmoved as Ethereum Futures ETF Race Heats Up

ETH Price Unmoved as Ethereum Futures ETF Race Heats Up


There are now six different Ethereum futures ETFs that have been recently submitted for Security and Exchange Commission (SEC) approval.

On Aug. 2, Bloomberg Intelligence derivatives expert James Seyffart posted an update on the slew of recent Ethereum ETF applications.

Volatility Shares applied for an “Ether Strategy ETF” on July 28, and four more have been added to the list on August 1. Grayscale refilled its ETHG application which brings the tally to six.

Ethereum ETFs Mounting Up But …

On August 1, Ethereum futures ETF applications were filed by Bitwise, Roundhill, VanEck, and Proshares. The Volatility product is up first, with the first decision date on Oct. 11. The next four will be due for decisions on Oct. 16.

However, in all likelihood, the SEC will use its power to delay or deny them. Seyffart commented on the other possibility that they may be withdrawn soon.

“Hate to be a debbie downer, & I said this yesterday (thread linked below), but my base case is that these are withdrawn by the end of next week. These firms probably had these on the shelf ready to go and just needed to re-submit them.”

He suggested that the firms may be thinking, “The cost of submitting a filing off the shelf and then withdrawing is minuscule when compared to the cost of being days or weeks behind a competitor on a first-of-its-kind launch.”

“I’d say 75% chance these are withdrawn on gut instinct,” he said.

The SEC and its chair Gary Gensler remain vehemently against crypto-related investment products, especially those that are not BTC related. In Gensler’s eyes (though not the law’s), every other digital asset besides Bitcoin is a security. Seyffart concluded:

“I just see the SEC fighting much harder against anything non-Bitcoin related. Next couple weeks will be interesting.”

ETH Price Unmoved

Ethereum prices remain within their range-bound channel. The asset gained 1.9% on the day to recover yesterday’s losses and put it right back to Monday’s price level – $1,860.

ETH has done pretty much nothing since mid-June when it briefly slumped below $1,700 but later soared above $2,000.


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.


Source link

Leave a Comment