BlackRock and other financial behemoths submitted proposals for spot Bitcoin ETFs in mid-June 2023, which gave the larger crypto community reason for great confidence. A few of the financial behemoths are currently asking for Ethereum futures ETFs as they expand their focus beyond Bitcoin.
A total of Six organisations have submitted applications for Ethereum futures ETFs, including Volatility Shares, Bitwise, Roundhill, VanEck, Proshares and Grayscale. On August 1, the applications were revealed by Eric Balchunas, a senior ETF analyst via Twitter post.
Volatility Shares suggested the Ether Strategy ETF in an SEC application on July 28. Instead of doing this directly, they would make investments in cash-settled Ether Futures contracts that are traded on the Chicago Mercantile Exchange (CME).
Volatility Shares has submitted a new application following successfully registering the 2x Bitcoin Strategy ETF (BITX), the first leveraged Bitcoin futures ETF in the nation. The new filing aspires to be equivalent to two times the daily surplus return of the S&P CME Bitcoin Futures Daily Roll Index.
Balchunas stated in a tweet earlier this week, “A fascinating given Recently, the SEC made some withdrawals from ether filers. However, VolShares recently released a 2x Bitcoin Futures ETF (against all odds), so perhaps they are certain the moment is perfect.”
After a bit of selling last week, there is some cause for hope as the price of Ethereum (ETH) has increased by more than 2% over the past 24 hours. At the time of publication, ETH’s market value was $225 billion and its price was $1,860.
The Ethereum price also dropped below $1,900 after Bitcoin’s latest decline to $29,000. Nevertheless, the price has marginally risen once more after a few days.
Additionally, information on Ethereum options indicates a bias against rising ETH prices over the following six months.
As per digital currency data provider Amberdata, the six-month call-put skew for Ether, has fallen to -0.91, which measures the disparity in implied volatilities of call and put options expiring in 180 days, the lowest level since June 15.
The negative number denotes an affinity for put options, which provide the buyer with the choice but not the obligation to sell the asset at a fixed price on or before a particular date. In general, a put buyer is bearish on the market, whereas a call buyer is bullish.
