The U.S. SEC has given the green light to Grayscale’s mini Ethereum ETF, which will be backed by assets from their larger Ethereum ETF. In addition, ProShares’ Ethereum ETF has also received approval.
These funds are expected to start trading next week, alongside other spot ETH ETF products. Grayscale has also introduced a mini Bitcoin ETF with lower fees compared to its flagship Bitcoin product.
The U.S. SEC has approved Grayscale's mini Ethereum ETF, which will be seeded with assets currently backing the larger ETF. ProShares' Ethereum ETF was also approved. The fund is likely to start trading next week along with other spot ETH ETF products. Grayscale also has a mini…
— Wu Blockchain (@WuBlockchain) July 18, 2024
In the realm of institutional trading, CME Group futures now account for over 83% of the calendar futures market for Bitcoin and 65% for Ethereum. This highlights CME’s increasing dominance in the institutional trading space.
CME Group futures now represent over 83% of the calendar futures market for #Bitcoin and 65% for #Ethereum, highlighting CME's growing influence in institutional trading.
Discover more insights from our report with @CMEGroup → https://t.co/SG2XESASGe pic.twitter.com/gr1w33jwa8
— glassnode (@glassnode) July 18, 2024
On the cryptocurrency front, a wallet linked to the Ethereum Foundation/ICO, identified as 0xdb3, has recently deposited 1,602 ETH ($5.48M) to Kraken amid a price dip.
This wallet has been notably active since June 8, depositing a total of 19,488 ETH ($70.6M) to centralized exchanges at an average price of approximately $3,623. In the past two days alone, the wallet has been particularly active. Currently, it holds 3.2K ETH, valued at $10.9M.
7 hours ago, the wallet 0xdb3 linked to #Ethereum Foundation/ICO further deposited 1,602 $ETH ($5.48M) to #Kraken as the price dipped.
Since June 8, this wallet has deposited 19,488 $ETH ($70.6M) to the CEX at ~$3,623 and was most active in the past 2 days.
Currently, it holds… https://t.co/uWzVA432Ul pic.twitter.com/0TviniD4LT
— Spot On Chain (@spotonchain) July 18, 2024
Mini Ethereum ETFs Approval To Attract More Institutional investors
These developments signal significant movements in the cryptocurrency market. The approval of mini Ethereum ETFs by the SEC is poised to attract more institutional and retail investors, offering them a more accessible entry point into Ethereum investments. Meanwhile, the dominance of CME Group in futures trading underscores the growing institutional interest and participation in the cryptocurrency market.
The activities of the wallet associated with the Ethereum Foundation/ICO also reflect strategic movements in the market, with substantial deposits being made during price dips. This could indicate a broader strategy to manage assets in response to market fluctuations.
As these dynamics unfold, the cryptocurrency market continues to evolve, driven by regulatory developments, institutional participation, and strategic asset management. Investors and market participants will need to stay informed and adaptable to navigate this rapidly changing landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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