Ethereum
When can consumers buy Ethereum ETFs? Markets point to $240 million hint – DL News
- Investors are making bets that will pay off if Ethereum hits $5,000 this month.
- But this is not the only clue as to the launch date of spot Ethereum ETFs.
The Securities and Exchange Commission sent cryptocurrencies soaring last month when it approved Ethereum spot exchange-traded funds.
Although it’s not yet clear when ordinary investors can buy them, options traders, punters and analysts are offering clues.
Traders invested nearly $240 million to bet that Ethereum would hit an all-time high of $5,000 before the June 28 expiration.
“This positioning is driven by traders who are at the forefront of launching spot ETH ETFs,” said Jake Ostrovskis, OTC trader at Wintermute. DL News.
In total, options traders placed a few $3.6 billion trades that expire on June 28, signaling an increase in traders buying calls – or bullish bets – that Ethereum will surpass $4,000.
A bet On blockchain betting site Polymarket, there is a 60% chance that Ethereum spot ETFs will begin trading before July 4.
Eric Balchunas, an analyst at Bloomberg Intelligence, says a late June launch is a “legitimate possibility“, but that investors should expect a launch around July 4.
Somewhere else, J.P. Morgan analysts suggest that Ethereum spot ETFs will start trading around July and August ahead of the US elections, as the crypto becomes a political question.
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“The general market consensus is that these ETFs will launch sooner rather than later,” said Jamie Sly, head of communications at crypto data firm CCData. DL News.
Ethereum has surged about 30% since its May low of $3,763 thanks to the regulatory green light for Ethereum spot ETFs.
Although the SEC has not yet approved the sale of the ETFs, market watchers expect the ETF launch to propel the cryptocurrency past its November 2021 all-time high of $4,878.
Jacob Joseph, research analyst at cryptocurrency data company CCData, said DL News Ethereum spot ETFs will likely see inflows of $3.9 billion in the first 100 days.
Adam McCarthy, Kaiko analyst warned that a comparison with the launch of ETFs in Hong Kong gives a less optimistic result. These “have not seen much demand and have already had mixed days with several days of net outflows”.
Crypto market players
- Bitcoin is down 0.4% over the past 24 hours to trade at $68,940.
- Ethereum is down 1.4% at $3,763.
What we read
Eric Johansson is the editor-in-chief of DL News. Do you have any advice? Email to eric@dlnews.com.