First Ethereum futures ETF expecting approval by October 2
The first Ethereum futures ETF (exchange-traded fund) is likely to be approved on October 2, according to crypto hedge funder Hal Press. The North Rock Digital founder’s thesis is based on the recent events in the crypto ecosystem.
The Valkyrie Bitcoin Strategy and Ether Strategy ETFs are awaiting approval from the Securities & Exchange Commission (SEC), with a deadline of October 3, 2023. Press believes this could be the first Ethereum Futures ETF to win the SEC’s approval.
The approval of a Bitcoin futures ETF in October 2021 had fueled bullish sentiment among market participants and acted as a catalyst for BTC’s price rally to a peak of $66,900. Traders have similar expectations from the approval of an Ethereum futures ETF, therefore, the date of approval is key to identify the trend in ETH price.
Ethereum futures ETF approval likely to come in at the earliest
Hal Press expects the news of an Ethereum futures ETF approval as early as October 2, ahead of the deadline of Valkyrie’s combined ETF product application. Press explains that it is possible that some news comes out earlier, but the latest possible date to watch for the approval of this investment product is in October 2’s post-market.