The US Securities and Exchange Commission (SEC) is reportedly ready to approve the first Ethereum Futures Exchange-Traded Fund (ETF) in the United States. According to Bloomberg, the ETF is expected to be introduced by Valkyrie on either October 3rd or October 4th. This development comes as the crypto community eagerly anticipates the approval of a spot Bitcoin ETF.
The introduction of an Ethereum Futures ETF would enable investors to gain exposure to Ethereum through traditional stock exchanges, similar to investing in stocks like Apple or Tesla. With Ethereum’s current market capitalization standing at $192 billion, the approval of an ETF focused on the cryptocurrency could significantly bolster its market.
Earlier today, news of SpaceX selling off Bitcoin sparked a widespread market crash, resulting in a more than 10% drop in Bitcoin’s price. However, Bitcoin quickly made a recovery and is currently trading at $26,774. Similarly, Ethereum’s price dipped to $1550 but has since recovered to $1695. As the Ethereum story unfolds, it is anticipated that the price will experience a surge, especially if the ETH futures ETF receives successful approval.
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