ProShares will launch a new short Ethereum Futures ETF shortly, according to Bloomberg Intelligence ETF Research Analyst James Seyffart. This development represents a new milestone for the leading altcoin.
ProShares launches short Ethereum Futures ETF
James Seyffart shared the latest developments in a post dated October 13. Accordingly, transactions are planned to begin within 3 days on October 16 under the code $SETH. The SEC quickly approved all long and traditional Ethereum futures ETFs. This particular ETF is moving forward on its originally scheduled effective date. It should be noted that this development is not a sudden surprise. Because ProShares filed this application, along with others, in August.
UPDATE: ProShares will be launching a short #Ethereum Futures ETF. Looks like it should begin trading on October 16th (This coming Monday).
ticker is $SETH
h/t @NateGeraci pic.twitter.com/RdhtRtXWSY— James Seyffart (@JSeyff) October 13, 2023
An influx of ETF applications
This year, Proshares became the 11th company to file for an Ethereum ETF during the week. Thus, it became part of 11 Ethereum-related ETF applications focusing on futures ETFs. cryptokoin.comAs you can see from , the increase in applications for Ethereum-based ETFs started when Volatility Shares triggered the trend with its application for the Volatility Shares Ether Strategy ETF on July 28. Industry leaders such as Bitwise Asset Management, Roundhill Financial, Van Eck, ProShares, and Grayscale Investments then quickly joined the competition by launching their own ETH futures applications on August 1.
Is there a problem with the Ethereum network fee regime?
IntoTheBlock said that the fee revenues of the Ethereum network have fallen to their lowest level since April 2020. He cited the disappearance of speculative activities and the transition of users to layer 2 as the reason for this.
Crypto data analysis firm IntoTheBlock says in a report that Ethereum has entered a new regime dominated by low network revenue from fees. He also notes that this tests the deflationary supply narrative of its native token, Ether (ETH). According to IntoTheBlock data, Ethereum Blockchain’s revenue from network fees has fallen to its lowest level since April 2020. It is also down 90% from its peak in May.
During the bull market of recent years, Ethereum users complained about high transaction costs, also known as gas fees, while the network was prone to congestion due to increased activity from Non-Fungible Token (NFT) trading and decentralized finance (DeFi) yield farming. However, the prices of cryptocurrencies dropped during this period. Demand for NFTs has decreased. Additionally, DeFi activities have declined. So, those days are gone now.
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