Spot Ethereum ETF Applications in US Will Be Likely Rejected by SEC, Experts Say
The US SEC must decide on VanEck’s and ARK’s spot Ethereum ETF filings by May 23 and May 24 respectively.
The US SEC must decide on VanEck’s and ARK’s spot Ethereum ETF filings by May 23 and May 24 respectively.
April 24 marked the first-day IBIT experienced zero inflows, concluding its remarkable streak of positive trend.
The launch of the ETFs next week in Hong Kong will likely draw comparisons with the three-month-old US Bitcoin funds, which have already made a significant impact on Wall Street.
In an attempt to reverse its fortunes, Grayscale revealed its plan to launch an innovative low-cost version of its GBTC fund named “Grayscale Bitcoin Mini Trust” with just 0.15% fees.
Despite some optimism that China’s crypto restrictions will not extend to ETFs, Bloomberg senior ETF analyst Eric Balchunas stated that it is highly unlikely to happen.
Despite recent outflows from Bitcoin ETFs, analyst Eric Balchunas says it’s only 1% of total inflows and calls it “minuscule” in the bigger picture.
The recent sight of ETF outflow aligns with Bitcoin’s downward trajectory. The cryptocurrency lost 13% of its worth over the past week.
Spot Bitcoin exchange-traded funds have seen steady trading volumes in April after reaching a peak in early March, maintaining solid activity around $215 billion.
GBTC’s decline coincides with a recent downturn in the crypto market, resulting in Bitcoin price falling drastically.
HashKey also disclosed that it will offer more services such as staking of digital assets to earn passive income.