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Ethereum, the world’s second-largest cryptocurrency, has experienced a significant price and volume surge within the past 24 hours. This rally comes on the heels of reports indicating the imminent arrival of Ethereum futures exchange-traded funds (ETFs) in the U.S. market.
These ETFs are financial instruments designed to mirror the price movements of Ethereum futures contracts, which are agreements to buy or sell Ethereum at predetermined prices and dates in the future.
According to ETF analyst Eric Balchunas from Bloomberg, there’s a high probability, estimated at 90%, that Ether futures ETFs will start rolling out in early October. Sources suggest that the U.S. Securities and Exchange Commission (SEC) is inclined to fast-track the launch of these products.
While spot remains in limbo, Ether futures ETFs highly likely (90% odds) to start rolling out in early Oct. Valkyrie first (albeit with a btc + eth ETF) followed by dozen+ straight ether futures ETFs. Gonna be a wild race albeit w/ much lower stakes than spot via @JSeyff pic.twitter.com/no8kP5DTZt
— Eric Balchunas (@EricBalchunas) September 27, 2023
Ethereum Price Surge Catches Bears Unaware
This news has sparked significant interest from traditional financial institutions, which have had limited options for trading this digital asset until now. Ethereum prices surged by up to 5%, and trading volumes escalated by nearly 25%, reaching $1,688 in the late Asian trading session on Friday.
That said, this price rally caught some bearish traders off guard. Coinglass data reveals that $10.64 million worth of short positions on Ether futures were liquidated on various crypto exchanges within the past 24 hours. Deribit traders accounted for nearly a third of these liquidated positions, followed by Huobi and OKX.
The heightened interest in Ether futures ETFs aligns with the surging popularity of decentralized finance (DeFi) applications, which operate on the Ethereum blockchain.
VanEck to Launch Ether Futures ETF
VanEck, a prominent $77.8 billion asset management firm, recently announced its preparations to launch the VanEck Ethereum Strategy ETF (EFUT), which will invest in standardized, cash-settled Ether futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC). The fund is set to be listed on the CBOE.
It’s essential to note that Ether futures ETFs differ from Ether spot ETFs, which would hold Ethereum directly in custody and track its spot price. As of now, the SEC has not approved any spot ETFs for Ethereum or Bitcoin, citing concerns related to market manipulation and investor protection.
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