Financial Giants Eye Early Dominance in Ethereum Futures ETF

• The U.S SEC had earlier stated that it cannot approve a spot ETF.
• BlackRock’s participation, though, has given investors cause for hope.

There are now six Ethereum Futures ETFs pending clearance from the U.S Securities and Exchange Commission. Several big participants are vying for dominance as they seek approval for an Ethereum futures ETF.

These are from Volatility Shares, Bitwise, Roundhill, VanEck, Proshares, and Grayscale. On August 1st, Bloomberg’s senior ETF analyst Eric Balchunas announced the applications.

The Ether Strategy ETF was proposed by Volatility Shares in a filing with the SEC on July 28. To do this, rather than buying Ether outright, they would invest in Ether Futures contracts traded on the Chicago Mercantile Exchange (CME) that are settled in cash.

Volatility Shares has applied for a new exchange-traded fund (ETF) after their previous ETF, the 2x Bitcoin Strategy ETF (BITX), became the first leveraged Bitcoin futures ETF in the United States.

Ray of Hope for Investors

Ether Strategy ETF, Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, VanEck’s Ethereum Strategy ETF, Proshares Short Ether Strategy ETF, and Grayscale Ethereum Futures ETF are all Ethereum futures ETF submissions that are in the race for dominating the league.

Due to market manipulation and a lack of investor protection, the U.S SEC had earlier stated that it cannot approve a spot ETF. BlackRock’s participation, though, has given investors cause for hope that they may find a way out.

On the other hand, the price of Ethereum (ETH) is following Bitcoin’s lead and consolidating sideways as it maintains its dominance below the 50-day exponential moving average (EMA) at the $1,870 mark. The altcoin may be in for a decline if volatility increases owing to Bitcoin’s effect on ETH. However, it is up 1.18% in the last 24 hours and is now trading at $1857 as per data from CMC.

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• Source: https://thenewscrypto.com/financial-giants-eye-early-dominance-in-ethereum-futures-etf/