Ethereum Futures ETF Applications Filed by ARK Invest and 21Shares
The latest development in the Ethereum futures race involves two new applications filed by ARK Invest and 21Shares with the U.S. Securities and Exchange Commission. Here are the key points:
– Partnership: ARK Invest and 21Shares have partnered to submit two ETF proposals – “ARK 21Shares Active Ethereum Futures ETF” (ARKZ) and “ARK 21Shares Active Bitcoin Ethereum Strategy ETF” (ARKY).
– Growing Competition: With these filings, there are now at least 16 Ethereum and mixed Ethereum and Bitcoin ETF applications pending.
– Spot ETF Rejections: The two firms had previously collaborated on a spot Bitcoin ETF in 2021, but their applications were rejected by the SEC.
– Decision Dates: Many of the initial decision dates for the pending ETF applications are set for mid-October, potentially signaling a significant month for crypto news.
– ETF Analyst’s View: Analysts like Nate Geraci and James Seyffart believe that the growing number of issuers entering the ETF race shows the increasing demand for crypto exposure.
ETH Prices Depressed as Ethereum ETFs Emerge
While the race for Ethereum ETFs intensifies, the price of ETH itself has been experiencing a decline. Here’s what you need to know:
– Price Drop: The price of ETH has fallen by approximately 1% to $1,659, reaching levels last seen in February.
– Recent Performance: Over the past two weeks, ETH has lost over 10% from its long-term support at $1,850.
– Support Level: Currently, ETH has found support at $1,600, but this could change if Bitcoin’s price also drops.
Hot Take
As more players enter the race to offer Ethereum ETFs, the competition is heating up. While the SEC has rejected spot ETF applications, the increasing number of futures ETF proposals indicates growing interest and demand for crypto exposure. However, the depressed price of ETH adds a layer of uncertainty, as the success of these ETFs may depend on the overall performance of the cryptocurrency market.
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