Buy $GGsBreaking: SEC All Set to Approve First Ethereum Futures ETF in US
As crypto community awaits a spot Bitcoin ETF, US SEC is all set to approve a Ethereum Futures ETF as reported by Bloomberg. The first Ether Futures ETF is expected to list on Oct. 3rd or Oct. 4th by Valkyrie.
Crypto to Have It’s First Ethereum Futures ETF In October
In a remarkable update today US SEC has signaled that it will allow first crypto futures ETF based on world’s second largest cryptocurrency, Ethereum. As per Bloomberg, it is unlikely that SEC will block the products based on Ether Futures to be released in October. Multiple firms including ProShares, Volatility shares, Bitwise and Roundhill have also applied for Ethereum based ETFs.
A Ether Futures ETF will allow investors to gain exposure to ethereum through stock exchanges just like Apple or Tesla stocks. The current marketcap of Ether is $192 Billion which can substantially increase once an futures ETF is approved.
Crypto Market Crash; Ethereum Price Bounces Back
Earlier today, reports of Bitcoin sell-off by SpaceX led to crypto market wide crash with Bitcoin price dropping by more than 10%. Bitcoin price soon recovered and is currently trading at $26,774 while Ethereum price is trading at $1695 after dropping to $1550 for a short time.
As the story builds, Ethereum price is expected to surge and a successful approval of a ETH futures ETF will be extremely bullish.
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