A Bloomberg exchange-traded fund (ETF) analyst says that the market could possibly be inundated by Ethereum (ETH) futures ETFs beginning on October 2nd.
In a brand new thread on the social media platform X, Bloomberg ETF analyst James Seyffart notes that 9 completely different ETH-based futures ETFs are set to doubtlessly launch on Monday, including that it is going to be a “loopy day.”
The monetary corporations on Seyffart’s record which are gearing as much as difficulty Ethereum futures ETFs embody VanEck, Bitwise, Proshares, Vol Shares, Hashdex and Valkyrie.
The analyst goes on to say that different corporations eager about issuing Ethereum ETFs, reminiscent of Grayscale, have but to submit up to date filings and are seemingly not going to.
“The one potential issuers that haven’t but submitted up to date filings are Direxion, Roundhill, and Grayscale. It’s seemingly that some or all of them are simply not going to trouble.”
In keeping with Seyffart, the rationale the ETFs are seemingly launching early is because of the worry of a looming authorities shutdown.
Final month, international funding supervisor VanEck introduced that it’s getting ready to roll out its ETH futures ETF, which the corporate said wouldn’t be investing in Ethereum itself however quite in standardized, cash-settled ETH futures contracts traded on registered commodity exchanges.
On the time, VanEck mentioned that the fund – which will likely be listed on the Chicago Board Choices Trade (CBOE) – intends solely to spend money on ETH futures traded on the Chicago Mercantile Trade.
Additionally in September, VanEck launched an announcement saying that they count on “effectiveness to happen upon the sooner of October 3, 2023, or the time at which the U.S. Securities and Trade Fee (SEC) accelerates [the] effectiveness of the registration assertion.”
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