#AvalancheHub Avalanche (AVAX) President Talks Ethereum (ETH) and ETFs! "It's Only a Matter of Time!"
John Wu, president and CEO of Avalanche ( AVAX ) developer Ava Labs, said he is very optimistic about Ethereum (ETH) and the ETF.
Spot Ethereum ETFs have fared worse than expected since their launch. JP Morgan said in a report that spot ETH ETFs have failed to meet expectations against Bitcoin, seeing $500 million in outflows.
It's Only a Matter of Time! #ETHETFsApproved
While ETH ETFs have disappointed compared to expectations, John Wu, president and CEO of Avalanche ( AVAX ) developer Ava Labs, said he is very optimistic about Ethereum (ETH) and its ETFs.
Speaking to Bloomberg TV, Ava Labs CEO said Ethereum ETFs will eventually succeed.
Stating that Ethereum ETFs will achieve success over time due to the competitive nature of the decentralized finance (DeFi) sector, Wu compared ETH and BTC ETFs. #ETFvsBTC
Wu stated that Bitcoin and Ethereum are not actually rivals, and that BTC's only rival is gold.
âI donât think anyone predicted that the Ethereum ETF would be as successful as the Bitcoin ETF, but in reality, Bitcoin only has one competitor, and thatâs gold.
The essence of Ethereum is about creating utility and use cases.
Ethereum actually has a lot of altcoin competitors, from Avalanche to Solana and a bunch of other altcoin competitors. At this point, Ethereum ETFs will do well over time because ETH is in a competitive environment.â
Spot Ethereum ETFs were approved by the SEC in May and began trading in late July.
Ethereum, which has gained 3% in the last 24 hours, continues to be traded at $2,550 at the time of writing.
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