As the crypto community eagerly anticipates a potential spot Bitcoin ETF, the US Securities and Exchange Commission (SEC) has delivered a surprising twist: it’s greenlighting the first-ever Ethereum Futures ETF, as reported by Bloomberg. Valkyrie is set to unveil the inaugural Ether Futures ETF on the upcoming 3rd or 4th of October.
In an exciting update today, the US SEC has thrown its weight behind a groundbreaking development – the launch of a crypto futures ETF that will be anchored to Ethereum, the world’s second-largest cryptocurrency.
Bloomberg insiders suggest that there’s little chance of the SEC throwing a spanner in the works for the upcoming Ether Futures products slated for October.
Notably, a lineup of players including ProShares, Volatility Shares, Bitwise, and Roundhill have also thrown their hats into the ring, seeking approval for Ethereum-based ETFs.
An Ether Futures ETF is poised to give investors the opportunity to tap into Ethereum’s potential without diving into the complexities of crypto exchanges. Think of it as hopping onto the Ethereum bandwagon through the convenience of stock exchanges, much like trading Apple or Tesla stocks.
Ethereum’s current market cap stands at $192 billion, its value could skyrocket upon ETF approval.
Now, onto a rollercoaster ride that would make Elon Musk proud. Earlier today, reports of SpaceX offloading its Bitcoin holdings sent shockwaves through the crypto realm, triggering a market-wide plunge that saw Bitcoin prices plummet by over 10%.
Notably, the king of cryptocurrencies Bitcoin quickly bounced back and is now trading at $26,364. Meanwhile, Ethereum, which momentarily dipped to $1550, has rallied and is trading at $1679.
As this narrative unfolds, Ethereum’s trajectory is poised for a rocket-like ascent, and the bullish scenario doesn’t stop there. If the Ethereum futures ETF gets the green light, the crypto cosmos might just witness a spectacular surge in the near future. So, fasten your seatbelts because Ethereum’s journey is taking us on a wild ride with exhilarating prospects on the horizon.
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