Galaxy Digital Funds and Invesco have amended their joint filing for the Invesco Galaxy Ethereum ETF. The proposed Invesco Galaxy Ethereum ETF will directly hold ETH. It will also differentiate it from ETH futures ETFs. Meanwhile, a giant whale started taking profits on the day’s rise.
Spot Ethereum ETF application from Invesco
The move follows initial filings made on September 30, in which Galaxy Digital was named as the executing agent for the proposed ETF. Unlike various ETH futures ETFs, the Invesco Galaxy Ethereum ETF will directly hold ETH. If approved, the Invesco Galaxy Ethereum ETF would be the fifth spot ETF in the US market, following VanEck, ARK Invest, Hashdex and Grayscale. ThisHowever, the launch of Ethereum spot ETFs is contingent on the approval of Bitcoin spot ETFs, which are currently under review by the Securities and Exchange Commission (SEC). This development Bloomberg analyst James Seyffart said: X announced from his account:
InvescoUS and Galaxy spot Ethereum ETFsfiled a 19b-4 application through CBOE for The application deadline is currently unknown. But it will probably be somewhere around the first week of July.
OKAY. @InvescoUS & @galaxyhq have now filed their 19b-4 via @CBOE for their spotlight #ethereum ETF. Final deadline here is unknown for now but likely to be somewhere around the first week of July. https://t.co/5Tn8KfLSww pic.twitter.com/iydLBAHKmE
— James Seyffart (@JSeyff) October 20, 2023
Invesco strengthens search for spot Ethereum ETF
Invesco filed for a spot Bitcoin ETF in June, shortly after BlackRock entered the race. Thus, he revealed that he actively follows cryptocurrency ETFs. By the way, it is worth noting that the firm has partnered with Galaxy Digital, a leading crypto asset manager. This demonstrates Invesco’s commitment to bringing innovative investment products to the market.
cryptokoin.comAs you follow from , interest in Ethereum spot ETFs is growing. This reflects the growing demand for direct exposure to ETH. However, the SEC continues to review cryptocurrency ETFs. Therefore, the approval timeline for these products remains uncertain. However, ongoing efforts by firms such as Galaxy Digital and Invesco indicate that cryptocurrency ETFs are increasingly gaining acceptance in the traditional financial landscape.
ETH rose, the giant whale started selling profits!
Today, the development in the Ripple case has boosted morale in the cryptocurrency market. This wind, which came before the wind of the spot Bitcoin ETF speculation in recent days subsided, carried the market upwards. During this period, Ethereum also recorded a significant increase. However, whales, who saw this increase as profit taking, stepped in. A giant whale started selling after the rise, analytics platform Lookonchain reported. In this context, Lookonchain shared the following information:
A whale deposited 35,176 ETH ($56.5 million) on Kraken in the last 7 hours. Additionally, he withdrew 10 million USDT 40 minutes ago. This shows that it appears to be selling ETH. The whale accumulated 35,176 ETH ($14.6 million) from Kraken at an average low price of $415. In this case, his profit is approximately $41.8 million.
A whale deposited 35,176 $ETH($56.5M) to #kraken in the past 7 hours and appears to be selling $ETH as he withdrew 10M $USDT 40 mins ago
The whale accumulated 35,176 $ETH ($14.6M) from #kraken at an average price as low as $415.
The profit is ~$41.8M.https://t.co/iy5XwhB1tr pic.twitter.com/rqDViLYtkT
— Lookonchain (@lookonchain) October 20, 2023
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!