- Bitwise Asset Management announces the trading commencement of two Ethereum-Futures ETFs on Chicago Mercantile Exchange from October 2.
- The launch escalates anticipation for a bullish trajectory for Ethereum, as Ether price responds positively, and other asset managers line up for SEC approval of their ETFs.
Trading Commencement under Spotlight
In a significant move that underscores the escalating prominence of Ethereum in the financial spectrum, Bitwise Asset Management has verified the inception of trading for two Ethereum-Futures ETFs in the United States. As per the press statement, this decisive stride commenced on October 2, 2023, on the Chicago Mercantile Exchange.
OKAY: This looks to be the full list of #Ethereum Futures ETFs that will be given SEC accelerated approval to launch on Monday. Assuming they are all operationally ready to go & assuming no last minute entrants. A potential 9 ETFs with ETH futures trading on Monday pic.twitter.com/eQF6MWL4kP
— James Seyffart (@JSeyff) September 29, 2023
The debut of the Bitwise Ethereum Strategy ETF (AETH) is particularly riveting as it trades pure Ether certificates. In contrast, the second offering is a balanced concoction of Bitcoin and Ethereum Futures-ETF, providing a diversified asset base for potential investors.
While this unveiling has piqued interest across the financial domain, Bitwise, along with a slew of other asset managers, sits on the cusp of official ETF approval from the U.S. Securities and Exchange Commission (SEC). However, James Seyffart, a notable analyst from Bloomberg, foresees a swift approval owing to an accelerated application procedure, as reflected in his recent tweet delineating the list of Ethereum Futures ETFs poised for SEC’s green light come Monday.
Amid the unfolding scenario, another asset management titan, VanEck, has also broadcasted its intent to launch its Futures-ETF. An intriguing facet of VanEck’s narrative is its pledge to allocate ten percent of its profits to Ethereum‘s developers. This earmarked revenue is slated to buttress the Protocol Guild, a consortium of 150 core Ethereum developers, over a ten-year span to nurture the evolving blockchain ecosystem.
As the news unfurled, the ripples were palpable on the Ether price, registering a surge of over three percent. Drawing parallels to the upbeat market sentiment observed with the advent of Bitcoin Futures-ETFs in the U.S. back in 2021, the Ethereum-ETF’s onset might well herald a bullish epoch for the world’s second-largest cryptocurrency, substantiating Ethereum’s burgeoning stature in the investment realm. The unfolding dynamics accentuate a critical juncture in the interfacing of traditional financial instruments with burgeoning blockchain technology.