Experts Hopeful of Ethereum Futures ETF on NYSE by Q1, 2022
With New York Stock Exchange (NYSE) making history by listing the Bitcoin ETF for the first time, Ethereum makes for a strong possibility of it being next in line for the launch of an ETF. Numerous crypto analysts claim that the Securities and Exchange Commission (SEC) is more likely to approve an Ethereum futures-based ETF by early as the first quarter of next year. Industry observers reckon that US regulator, which recently approved the first Bitcoin futures ETF, could replicate the move for the world’s second-biggest cryptocurrency. Many analysts are also of the view that an Ethereum ETF could therefore generate more exposure to crypto-assets for investors.
As Tarusha Mittal, COO and Co-Founder, Oropocket & Unifarm maintains, “Today, multiple gaming platforms and NFTs are launched on Ethereum as a preferred medium because of its high user base and developer presence. It won’t be incorrect to say that if Bitcoin is ‘Gold’, Ethereum is next in line as ‘Silver’.”
Likewise, Ashish Singhal, Co-founder & CEO, CoinSwitch Kuber, a global aggregator of cryptocurrency exchanges and has launched its India exclusive Crypto Platform last year “Ethereum’s expansive applications and potential with decentralized finance (DeFi) and non-fungible tokens (NFTs) have been contributing significantly to its popularity. Options traders are already turning their attention towards Ether as an Ethereum ETF might follow soon.”
“ETFs allow wider participation, both from retail and institution. And such adoption puts pressure on the demand side. Combined with the EIP 1559 that has already burnt over $2.6 billion worth of Ethereum, the sentiment is extremely bullish for Ethereum in 2022,” Arjun Vijay, Co-Founder, Chief Operating Officer, Giottus.
It is to be mentioned here that the crypto funds saw inflows totaling $1.47 billion last week, the largest on record, as the first bitcoin-based exchange-traded fund (ETF) called the ProShares Bitcoin Strategy ETF (BITO), started trading in the US.
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