"Before this BTC ETF spot, now many are rushing to file ETFs for ETH as well."
Seven asset management companies serving the needs of investors in the cryptocurrency market have filed Ethereum (ETH) Exchange Traded Fund (ETF) products in the United States (US) including the pioneer Volatility Shares.
Among the companies participating in the race to list ETH ETFs is Bitwise who filed an application for Bitwise ETH Strategy ETF then Roundhill, VanEck, Grayscale followed by ProShares.
Please note that ETH ETF applications have been sparked as stakeholders in the crypto market now expect the Securities and Exchange Commission (SEC) to approve spot BTC ETFs soon.
Lately, most investment companies have been interested in applying for spot BTC ETFs right after BlackRock filed the framework for spot BTC ETFs in the past few months.
Many believe it is time for the US to welcome its own BTC ETF product as there are facts that say Germany, Brazil and Switzerland already have BTC ETF trading.
It is well known that ProShares and several other asset management companies that want to implement BTC ETF products based on Futures have been approved by the SEC, but it should be noted that BTC ETFs have not yet been approved and this has affected sentiment in the community.
However, Senior ETF analyst Eric Balchunas said that the chances of spot BTC ETF being approved are very high and all companies applying for the product are expected to launch on the same day it is passed which is October 16, 2023.
The position of the SEC and the administration of US President Joe Biden may change in the future following the presence of BlackRock has a good and strong political position.
