Ethereum ETFs Gain Momentum as Firms Seek to Ride the Crypto Wave
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The cryptocurrency market is witnessing a thrilling development as Ethereum (ETH) takes center stage with the launch of three new exchange-traded funds (ETFs). Seizing the opportunity to ride the Ethereum wave, financial powerhouses Roundhill Investments, Direxion, and Bitwise Asset Management have set their sights on unveiling ETH-based strategy ETFs. These innovative investment vehicles offer investors a chance to dip their toes into the world of Ether without directly holding the digital asset itself.
Ethereum ETFs Take Flight
In a race to harness the immense potential of Ethereum, Roundhill Investments, Direxion, and Bitwise Asset Management have submitted their respective prospectuses to the U.S. Securities and Exchange Commission, introducing the world to their ETH-based strategy ETFs. Ladies and gentlemen, welcome to the Ethereum ETF extravaganza, featuring the Roundhill Ether Strategy ETF, the Direxion Ether Strategy ETF, and the Bitwise Ethereum Strategy ETF.
Ethereum’s Triumph: Recapturing the $2,000 Mark
ETH itself has staged a strong comeback, surging past the $2,000 milestone last month. With the cryptocurrency now trading near $1785, it’s riding high on a year-to-date gain of about 50%. However, let’s not forget that ETH still has a long way to go to reclaim its all-time high achieved in November 2021.
CZ Tweets His Thoughts on Ethereum’s Staking Contract Triumph
In other related news, the ever-charismatic Changpeng Zhao, better known as CZ, the chief executive of Binance and co-founder extraordinaire, couldn’t resist sharing his two cents on Ethereum’s latest milestone.
Locked ETH at ATH. You know what follows? https://t.co/3xS8OoCfT9
— CZ 🔶 BNB (@cz_binance) May 11, 2023
CZ took to the Twitterverse to highlight the record-breaking number of ETH coins locked in the staking contract on the Ethereum Beacon Chain. Nansen’s report revealed that a whopping 19,375,242 ETH coins have found their home in the staking contract, the highest on record. Nansen also emphasized that these tokens will be locked away for a long time.
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