All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Bitwise has changed its Bitcoin futures ETF to Bitcoin and Ether Strategy ETF.
- The move comes not long after ValkyrieFunds made a similar change to its Bitcoin Futures ETF (BTF) filing.
Bitwise, a major crypto index fund manager, has just made significant changes to its recent Bitcoin Futures ETF filing. In a recent filing, Bitwise updated its prospectus to change BITC from a Bitcoin futures ETF to the “Bitwise Bitcoin and Ether Equal Weight Strategy ETF”.
The new development comes not long after ValkyrieFunds made a similar move. ValkyrieFunds, an alternative asset management firm, filed a 497 to change the investment starved of their Bitcoin Futures ETF (BTF) to include Ethereum Futures. The changes are to take effect on October 3rd.
Speaking on the recent developments, James Seyffrat, Bloomberg analyst, said the following;
We’re in new territory. It’s been 13 days since Volatility Shares was first in a wave of Ethereum futures ETF filings. Back in 2021 it was just a couple days before SEC forced withdrawals and was just ~7 days in May of this year. The odds of launching increase as time goes by.
It appears that ValkyrieFunds and Bitwise are taking a more promising path, as analysts have previously asserted that Ethereum ETFs are more likely to gain approval than Bitcoin ETFs.
Interestingly, Ether Futures filings are gaining steam, as another Bloomberg analyst explained that no filing has been withdrawn since they were first sent in. Eric Balchunas said.
In the past the SEC has told Ether Futures ETF filers to withdraw 5-6 days after the first filing hit. We are now on Day 13 and no withdrawals. Not home free yet but very good sign. As we predicted these will likely hit market in mid-October.
In the past the SEC has told Ether Futures ETF filers to withdraw 5-6 days after the first filing hit. We are now on Day 13 and no withdrawals. Not home free yet but very good sign. As we predicted these will likely hit market in mid-October. https://t.co/22WM1HghEp
— Eric Balchunas (@EricBalchunas) August 10, 2023
Crypto market woes continue; Bitcoin and Ethereum struggling to stay afloat
The new month is bringing forth its fair share of turbulence for the cryptocurrency market. While market sentiments are mixed at this time, the cryptocurrency market has struggled to shake off market losses.
At report time, Bitcoin, Ether, and other digital assets are trading in the red zone. Bitcoin, currently trading at a press time price of $29,394, is down by 0.33% over the last 24 hours.
Other technical metrics are reflective of increased selling pressure at this time. Trading volume has declined by a staggering 20%. Although Bitcoin successfully reclaimed the $30,000 price on the 9th of August, bulls have since failed to sustain momentum.
On the other hand, Ether has continued to underperform in comparison to other rival altcoins. Just like Bitcoin, the second largest altcoin has failed to reclaim the $2,000 price level.
Trading for $1,848, Ether’s trading volume has dropped by 14% in the last 24 hours. Ether has now declined by 62% from its all-time high of $4,891 in November 2021. Despite Ether’s current performance, the market is still optimistic for the following year.
