There’s a potential powerhouse trend brewing in the realm of the crypto market, largely surrounding Ethereum (ETH), a predominant cryptocurrency that functions beyond being a mere digital currency. Bloomberg analysts have forecasted a significant likelihood of the rollout of Ethereum futures exchange-traded funds (ETFs) as of next week, potentially catapulting ahead of the predicted US Government shutdown.
Analysts anticipate the first of its kind, an Ethereum futures ETF from Valkyrie Bitcoin Futures ETF (BTF), set to hold Ethereum exposure starting October 3rd, as proposed strategy changes move into action. Following the Valkyrie rollout, other competing entities in the same field have plans to launch their own respective Ether futures ETFs, setting the stage for a wildly spirited competition.
Hints of another Ethereum futures ETF provider on the horizon surface in the form of Volatility Shares. Pegged for an application approval by October 11th, they are expected to commence their launch by October 12th.
However, while this array of Ethereum futures ETFs are lining up for launch, there is a healthy sense of skepticism. Not every proposed ETF will see the light of day, an inevitability that highlights the competitive nature of the crypto markets. Alongside Valkyrie and Volatility Shares, nine other issuers, including notable firms like VanEck, ProShares, and Grayscale, among others, submitted a total of 15 Ethereum ETF proposals.
Herein lies the counterintuitive twist: the desired quick launch of the Ethereum futures ETFs touted to be a smooth sailing affair now hinge on the US Government shutdown. If Congress struggles to pass 12 separate spending bills, the government will find itself in a shutdown state from October 1st, making majority of the SEC staff unavailable.
Wanting to resolve this issue before heading into shutdown, the SEC has reportedly requested various filers to update their documents by Friday afternoon. This might pave the way for these proposed ETFs to take effect by the upcoming Monday and commence trading by Tuesday, marking a potential watershed moment in the history of the crypto market.
In a nutshell, the crypto sphere is bracing itself for an unprecedented wave of Ethereum futures ETFs, a trend marked by competition, urgency, and an underlying sense of uncertainty.
Source: Cryptonews
