MEXCAs ETH Hits New All-Time High Above $4650, Chances of Ethereum Futures ETF Improve
The world’s second-largest cryptocurrency Ethereum (ETH) continues to gain strong traction in the market. Earlier today, the ETH price skyrocketed past $4650 hitting a new all-time high.
As this happens, the demand for Ethereum Futures ETF grows simultaneously. As per the latest Bloomberg Intelligence report, U.S. regulators are more likely to approve an Ethereum Futures ETF before the spot Bitcoin ETF.
As per Bloomberg analysts James Seyffart, an Ethereum futures ETF could come as soon as the first quarter of 2022. Seyffart further added that it will come before a spot Bitcoin ETF. Speaking to Bloomberg, the analyst noted:
“Most market participants agree that a spot Bitcoin ETF would be superior to existing futures ETFs, yet SEC approval of the former may be delayed until late 2022 or beyond. Though a spot Bitcoin ETF is possible in 2022, SEC approval may take longer due to concerns about regulation in the underlying Bitcoin market”.
Two Bitcoin Futures ETFs from ProShares and Valkyrie were approved by the U.S. SEC last month fueling a rally in the BTC price. There is a very high probability that institutional players could be pushing the regulators to approve an Ethereum futures ETF.
Ethereum On-chain Fundamentals Gaining Strength
After hitting a new all-time high, the Ethereum bulls aren’t going to stop anytime soon. Analysts believe that this is just the beginning of the next bull run in Ethereum. Popular crypto analyst Willy Woo notes that the building up of the Ethereum on-chain fundamentals is yet to reflect in its price.
While BTC is building up strength for ATH escape velocity, ETH is quietly building even stronger on-chain fundamentals not yet reflected in price. pic.twitter.com/V8Irs8z7Qb
— Willy Woo (@woonomic) November 2, 2021
Furthermore, over the last month, there has been a near 50% jump in the Ethereum daily active addresses. The higher activity for ETH shows strong demand for the world’s second-largest cryptocurrency.
If the U.S. SEC approves the Ethereum Futures ETH before the year-end, we can see ETH touching much higher price targets. Many analysts are already expecting ETH to touch $10K by the year-end.
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