As a seasoned researcher with a background in cryptocurrencies and financial markets, I have witnessed the evolution of the crypto industry from its humble beginnings to its current state of maturity. The recent approval of Ethereum (ETH) Exchange-Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC) marks a significant milestone in this journey.
As a researcher studying the cryptocurrency market, I’m excited to report that the US Securities and Exchange Commission (SEC) has granted approvals for Ethereum-based Exchange Traded Funds (ETFs). The issuers have received final confirmations on their S-1 applications, meaning these products could begin trading as early as today. This long-awaited decision has sparked jubilation within the crypto community, who have eagerly anticipated this development.
Following the SEC’s approval of Bitcoin ETFs in January, which surprised many at the time, there was a similar anticipation for Ethereum ETFs just a few weeks ago. However, the wait came to an end when SEC chairman Gary Gensler announced that his agency would grant approval during the summer.
With ETH becoming accessible to a wider investor base through investment bank-issued products, doubts and concerns regarding this cryptocurrency’s nature, storage, and more are now alleviated. This trend is also evident in the case of Bitcoin ETFs, where over $100 billion in assets have flowed into the offerings from 11 financial institutions.
The SEC has given its approval to BlackRock, Fidelity, VanEck, 21Shares, Invesco Galaxy, Bitwise, and Franklin Templeton for their Bitcoin exchange-traded funds (ETFs). The other applicants, including ProShares, are still in the process of receiving approval or have not yet confirmed it. However, ProShares is taking its time with the final S-1 application submission and will start trading at a later date.
Based on my extensive experience in the crypto market and observing the behavior of Bitcoin (BTC) over the past few years, I strongly believe that Ethereum (ETH) is on the brink of a significant price surge. The reason for this optimistic outlook stems from the fact that major issuers are now offering their products and funneling funds into ETH, which could lead to new price dynamics.
Matt Hougan, the Chief Investment Officer at Bitwise, expressed that we have transitioned completely into the Exchange-Traded Fund (ETF) era in crypto. He further added that investors now have the ability to access approximately 70% of the crypto market through affordable Exchange-Traded Products (ETPs).
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2024-07-24 14:53