As a researcher with a background in the cryptocurrency industry, I find Hunter Horsley’s announcement of a major announcement from Bitwise Invest particularly intriguing, given the recent flurry of activity surrounding spot Ethereum ETFs. The filing of an amended S-1 by Bitwise to disclose a $2.5 million seed investment and Pantera’s interest in investing $100 million in an Ether ETF is a clear sign of the growing interest in this asset class from institutional investors.
Hunter Horsley, CEO of Bitwise, announced on Thursday that Bitwise Invest is set to make a significant announcement the following day. Not long ago, Bitwise submitted an amended registration statement for their Spot Ethereum ETF, revealing a $2.5 million seed investment and Pantera’s intent to invest up to $100 million in the Ether ETF.
Bitwise Likely Making An S-1 Filing For Spot Ethereum ETF
As the CEO of Bitwise Invest, I took to X on June 20th to share some exciting news with our community. I teased, “Keep an eye on Bitwise Invest tomorrow. Something cool is in store.”
Experts interpret Horsley’s post as hinting at an upcoming Ethereum ETF amendment based on its implications for an Ether ETF.
Nate Geraci, president of ETF Store, announced that a number of applications for Ethereum spot ETFs from the Securities and Exchange Commission (SEC) are expected to be submitted for review on Thursday and Friday. According to Geraci, based on the information provided in Bitwise’s recent filing, he thinks there are no further issues or comments required from the SEC.
Geraci believes that an Ethereum ETF will be launched prior to July 4 based on hints from SEC Chair Gary Gensler regarding the approval of Ether ETFs by the end of summer. The SEC’s conclusion of its Ethereum investigation paves the way for potential listing and trading of spot Ethereum ETFs on exchanges.
On Friday, Bitwise is anticipated to disclose the fees associated with its new Ether spot ETF. For reference, Bitwise’s Bitcoin ETF (BITB) carries a management fee of 0.20%.
It’s likely that one or possibly more other ETF issuers may file applications for a combined Bitcoin and Ethereum spot ETF in the coming weeks.
— Nate Geraci (@NateGeraci) June 20, 2024
Rise in Interest in Spot Ether ETFs
As an analyst, I’d interpret the ConsenSys disclosure about the SEC ending its investigation into Ethereum as follows: The announcement sparked a significant revival in the cryptocurrency market, pushing the price of Ethereum above $3,500. This surge suggests a strong demand for the impending Ethereum ETF and anticipation from institutional investors to follow suit.
In the past 24 hours, the price of Ethereum climbed by 1%, reaching a current value of $3,586. The lowest and highest prices within this period were $3,513 and $3,589 respectively. Additionally, there’s been a significant decrease of 28% in trading volume compared to the previous day, signaling reduced enthusiasm from traders.
As a crypto investor, I believe that the filing of S-1 forms by Spot Ethereum ETFs for approval from the Securities and Exchange Commission (SEC) could significantly boost the price of Ethereum (ETH). This event might trigger a rebound in the broader cryptocurrency market, potentially leading us into an altcoin season where alternative coins experience substantial growth.
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2024-06-20 09:54