ProShares, VanEck and Bitwise, among others, said they are debuting funds on Monday, according to documents submitted with the US Securities and Exchange Commission and statements. Prices for Bitcoin and Ether rose ahead of the equity market open.
“Even if there’s not a lot of grassroots demand the same way as there was for BITO — which we don’t know yet — all of these firms will put a lot of marketing behind these funds,” said James Seyffart, an analyst at Bloomberg Intelligence. He cites Ether futures open interest, which is about one-fifth that of Bitcoin’s futures market. If Ether ETFs take just a share of that, it could amount to $100 million to $200 million in demand.
“Investors are more likely to get excited when an Ether-spot ETF launches, which could potentially be in early 2024. But even then, spot-Bitcoin ETFs will likely steal the spotlight,” said Roxanna Islam, associate director of research at VettaFi. Crypto-based products have, overall, failed to generate much investor interest even with them being the best-performing equities ETFs this year. The top five best-performers are all crypto-related, according to Bloomberg data. They’re each higher by more than 80% in 2023. But they’ve collectively only gathered around $30 million in inflows this year.
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