A fresh wave of applications for spot ether Exchange-Traded Funds (ETFs) will be sent to the US Securities and Exchange Commission (SEC) today and could receive a close vote within the week or next. New ether ETFs are on the horizon amid a drop of 25% for Ethereum from its March peak (versus bitcoin’s drop of 23% from its yearly peak). The move comes following the success of spot bitcoin ETFs this year notable by top 10 ETF inflows – mostly into iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Trust with over $15 billion in inflows.
We’re now seeing similar trends in crypto, where spot bitcoin ETFs have been a bright spot for the industry even after the ascent of passive, index fund behemoths. It took six years, 127 applications – and finally one approval – for the first true bitcoin ETF to come to market. Now, three more are set to launch soon. The total assets under management for spot bitcoin ETFs is approaching $51.8 billion, and for the first time on a real scale, the crypto space is set to be met with hefty investment dollars that could match, or even outpace, those of years past. On this episode of ETF Edge, we look ahead to expectations and impact of this crypto debut with Matt Hougan of Bitwise Asset Management and Nate Geraci of the ETF Store.
Source: CNBC
