Considering that the Bitcoin futures fund has set a record on its first day, the launch of an Ethereum-based ETF could be just as successful. According to Trey Griggs, the US CEO of crypto trading firm GSR, Ethereum bulls may not have to wait any longer for this feat.
“A tough job was done with the launch of the Bitcoin futures ETF,” the famous CEO told Insider.
Griggs noted that the critical turning point for ETH was the listing of Ethereum futures on the Chicago Mercantile Exchange in February 2021. According to Griggs, this development has significantly strengthened Ethereum’s credibility as an asset class, just as Bitcoin did when it was listed in December 2017.
A listing on the derivatives exchange, which is paid in cash and priced at a CME reference rate that collects data from various crypto exchanges, allows investors to take risks through futures contracts rather than owning the coins directly. Futures are contracts to buy and sell an asset at a predetermined price and time.
Griggs is very hopeful for the Ethereum ETF. “I don’t believe the SEC would need the same long time to issue ETF approval on an identical product with a slightly different basis,” he said in a statement. used the phrases. According to Griggs, an Ethereum-based ETF could arrive as soon as this year.
As for potential altcoin futures ETFs, Griggs said they might be possible, but he doesn’t expect that in the near term. He stated that the question is whether these coins will be initially listed on the CME. But in theory some cryptocurrencies like Solana, Cardano and Polkadot have the same blockchain technology as Ethereum, so Griggs thinks the idea is not far off.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.