Bitcoin futures ETFs have been approved, and investors are wondering which cryptocurrency might be next. Ethereum, the second largest cryptocurrency, is the most likely ETF candidate according to social media speculation. Here’s what was talked about…
Lark Davis says Ethereum next for ETF approval
Several cryptocurrency market leaders are convinced that it is only a matter of time before an Ethereum ETF emerges. Lark Davis, the crypto investor behind the Wealth Mastery news release, said he is optimistic about Ethereum ETF prospects. He noted how the Ethereum price “pumped” right after the Bitcoin ETF development and said, “Wait until they announce their ETH ETFs!” said.
Also, cryptocoin.com Crypto trader and investor “The Wolf of All Streets”, whose analysis we have shared, similarly took to Twitter to stay ahead of the curve and predict that an Ethereum ETF “will eventually come.” Scott Melker, the analyst behind the account, said:
We will now launch the campaign for the SEC to approve an Ethereum ETF. You can stand out from the crowd, because it comes eventually.
Going to start the campaign now for the SEC to approve an Ethereum ETF.
Might as well get ahead of the crowd, because it’s coming eventually.
— The Wolf Of All Streets (@scottmelker) October 8, 2021
The size of the ETF effect
ETFs may not be too far off, according to experts. Cryptocurrency investment firms already have cogs on an Ethereum ETF. In fact, VanEck and ProShares, the latter behind the Bitcoin Strategy ETF, filed with regulators over the summer for their own Ethereum (ETH) futures ETF.
These offers were short-lived, however, after both firms began pulling them out of consideration. There are a handful of other Ethereum ETF filings pending at the SEC, based on Ethereum spot market prices, including Kryptoin Investment Advisors and Gemini Trust Company.
While there is still a cloud of uncertainty over most cryptocurrencies about how regulators will classify them, US SEC officials have previously made it clear that they do not view Ethereum as a security. SEC Chairman Gary Gensler is a party to crypto futures ETFs rather than spot market funds. If an Ethereum ETF sees the light of day, it could follow a similar pattern to the ProShares Bitcoin Strategy ETF, which is based on BTC futures, according to experts.
About the rise of Ethereum
Considering the 18.4% Ethereum dominance rate on CoinMarketCap, the possibility of an Ethereum ETF is not too far off, according to experts. Additionally, the Ethereum price has skyrocketed this year as NFTs and decentralized finance (DeFi) have grown in popularity. And although the Ethereum price has surged 400% to date, analysts say the bull run is far from over. A Fundstrat analyst believes that Ethereum price could potentially form an all-time high and soon surpass the $4,900 level.
Ethereum will transition to Proof-of-Stake in February 2022
The SEC’s approval of the Bitcoin futures-backed ETF has paved the way for more crypto ETFs. Also, Ethereum’s transition to PoS has come a few inches closer, now analysts are waiting for ETH to explode. In this regard, Ethereum’s “Triple Halving” narrative is based on the transition to proof-of-merge. In the latest development update on October 16, the team announced that the migration will be complete by February 2022. The update said:
Aim for the code to shut down PoW forever and be ready by February 2022.
The role of miners after Ethereum 2.0
Proponents are discussing the role of miners when Ethereum moves to PoS. It is expected that miners will become obsolete after the merger and shift their resources to Ethereum Classic or Ravencoin mining as both can be mined using rigs using Graphics Processing Units (GPUs).
Also, after the ProShares Bitcoin ETF has been approved by the Securities and Exchange Commission (SEC), backers are awaiting review of Ethereum ETF applications filed by Delaware-based investment firm Kryptoin and Gemini Trust Company. Lark Davis, who was expecting a boom in Ethereum, recently tweeted about an Ethereum ETF:
Ethereum is already pumping, wait until they announce their ETH ETFs!!!
According to Simon Dedic, after $ 4,000, Ethereum can switch to discovery mode
Simon Dedic, managing partner of Moonrock Capital, predicted that Ethereum (ETH) will enter price discovery mode when it closes above $4,000 this week. Dedic’s tweet and technical chart highlighted the breakdown of this resistance:
ETH is currently at its last and major weekly resistance. Once this is broken, ETH will go into price discovery and go crazy. A weekly close above $4,000 is what we want to see.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.