3 Nov 2021
Ethereum Futures ETFs may be seen before Spot Crypto Funds
The Index Today
According to Bloomberg Intelligence, Ethereum Futures-based ETF are more likely to gain approval from U.S regulators than Bitcoin.
The ProShares Bitcoin Strategy ETF acquired over $1 billion in assets whereas the Valkyrie’s Bitcoin Strategy ETF gained less momentum. Both funds were set up to track the Bitcoins futures trading for the month of October and help understand Wall Street’s acceptance towards the product.
Bloomberg Analyst, James Seyffart wrote, “Most market participants agree that a spot Bitcoin ETF would be superior to existing futures ETFs, yet SEC approval of the former mat be delayed until late 2022 or beyond.”
The U.S Securities and Exchange Commission earlier announced approval of the Bitcoin futures-focused ETFs to proceed as planned. However, applications for investment funds or the cryptocurrency have been rejected. It is important to note here that Ethereum has become the world’s leading block-chain network. Sam Bankman-Fried, co-founder and CEO of crypto exchange FTX said on TV, “Ethereum may be, I don’t know, but it might be up on speculation that there might be an Ethereum futures-based ETF as well- that would not be a surprising development.”