Rumors swirl about the imminence of theSEC Approval of Ethereum-Futures ETFs. At present, the American regulator would have in its hands 7 ETF requests for ETH futures. In case he validates their deployment, ether could rise again.
Soon Ethereum ETFs for futures contracts
If the SEC persists in delay Bitcoin Spot ETFs as much as possible, know that it has already given the green light to the first Bitcoin futures ETF. This is the “Volatility Shares 2x Bitcoin Strategy ETF (BITIX)”, a financial product developed by Volatility Shares.
Note that Volatility Shares, like Grayscale, Bitwise, VanEck, Roundhill, and Proshares, have filed an Ethereum ETF application with the United States Securities and Exchange Commission.
” According to the WSJ, the SEC could authorize the simultaneous listing of multiple Ethereum futures ETFs. Volatility Shares plans to launch an Ethereum futures ETF on October 12, which will be the first of its kind in the United States. Since filing in July, the SEC has not asked him to withdraw his application. »
This tweet is completed with a article published yesterday august 19 on The Wall Street Journal. In it, we learned the same information about a possible validation of ETH Futures ETFs around the same time.
Very confident in its approach, Volatility Shares has already brought forward the launch date of its Ethereum Futures Ethereum ETF. It will be October 12, says WSJ.
Crypto News believes that the approval of these types of ETFs by the SEC demonstrates its desire to revise its way of regulating cryptocurrencies.
” If the news about the ETH Futures ETF is accurate, it could be even bigger than it first appears.
The SEC cannot both assert that ETH is a new intrinsic crypto asset security that is unregistered and endorse an ETH Futures ETF. »
Adam Cochran, a member of the crypto community, highlights thelack of consistency in Gensler’s team’s endorsement of an Ethereum EFT.
” It is not possible to create a futures ETF from an unregistered security “, he continues.
However, the SEC was accustomed to classifying ether as “security”. Just like XRP.
Ether flies away!
These speculations around Ethereum ETFs have makes the price of the 2 reacte cryptocurrency. Indeed, ETH which was struggling to leave the $1,600 support zone immediately climbed to 1,700 as soon as the famous Bloomberg article on futures ETFs was published.
Cointelegraph advance an 11% rise for ether which was valued at $1,717. However, 20 minutes earlier, the situation seemed difficult to him.
At the time of writing, ETH was trading at a price of $1,672.85 per coin.
However, this price rebound did not prevent ETH whales from dumping their holdings between August 14 and 18. According to Santiment, those holding between 10,000 and 100,000 coins sold 1.12 million ethers. Which is roughly $1.86 billion, according to the calculations of BeInCrypto.
Note that last Thursday, the prince of cryptocurrencies had fallen to 10.31%. It was accompanied major liquidations in the ETH marketthe equivalent of $308 million.
Our colleague noted the sale of 22,341 ETH, the equivalent of $41 million, on Friday. A initiative described as “intelligent” by crypto analyzes as it was intended to lessen the fall of the cryptocurrency market.
And speaking of the downfall, some argue that the whale selling frenzy augurs an imminent bullish reversal. The chart below shows that strategic crypto traders placed market orders for 50,720 ETH should the king of altcoins fall to $1,500.
This price could drop even further, to $1,400. Especially if the industry-wide bearish momentum strengthens.
But if Ethereum ETFs are approved, ETH may cross the $1,900 mark again. So traders have their eyes on the SEC right now, they already want to celebrate this victory.
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