According to Bloomberg Intelligence analyst James Seyffart, the U.S. Securities and Exchange Commission (SEC) could authorize the launch of nine Ethereum futures ETFs on the country's exchanges on Monday.
On the social network X (formerly Twitter), Seyffart shared a list of potential Ethereum futures exchange-traded funds or ETFs that could be approved tomorrow. A total of 9 cryptocurrency futures ETFs are expected to receive authorization from the securities regulator to begin trading on the US market.
Among these ETFs is VanEck, which recently announced its intention to launch an exchange-traded fund that will allow its investors to access Ethereum through futures contracts.
Also listed are Ethereum futures ETFs from Bitwise, Valkyrie, Proshares, Hashdex and Kelly.
Seyffart estimates that these Ethereum investment vehicles could move between $100 million and $200 million in trading volume in their first few weeks, once they receive SEC approval and begin trading on exchanges. Analysts also expect that the approval of these exchange-traded funds will increase demand for Ethereum and encourage institutional investment, which could boost the cryptocurrency's price in the market.
Ethereum is currently trading at $1.680 per unit, registering a daily increase of almost 1% and a weekly increase of more than 5%.
The cryptocurrency is currently the second most capitalized in the industry, with a market value of $200.000 billion and a trading volume of over $3.100 billion.
While the list of cryptocurrency ETFs awaiting SEC approval is long, considering all the applications that have been submitted this year for the launch of a Bitcoin spot ETF, it appears that the securities regulator is in a hurry to approve ETFs based on Ethereum futures having requested that the applicant firms update their filings as of last Friday, according to the filing. stated by Bloomberg analyst Eric Balchunas.
VanEck to fund Ethereum developers with proceeds from its futures ETF
While the approval of several cryptocurrency futures ETFs in the US market would be a milestone for the crypto industry, investment firm VanEck has stated that 10% of the profits generated by its Ethereum futures-based investment fund will go to the developer collective The Protocol Guild, made up of 152 developers, collaborators and contributors to the Ethereum core protocol.
According to Seyffart, this is an interesting way to give back to the Ethereum ecosystem. He also noted that VanEck's initiative will undoubtedly spark a marketing war in the crypto market.
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