While the U.S. Securities and Exchange Commission’s (SEC) approval of the spot Bitcoin ETFs gave merchants and buyers an surprising final result when it comes to the Bitcoin (BTC) Price curve, a piece of candidates of the spot Ethereum ETF and market members are hopeful of approval within the close to future. The Ethereum (ETH) Price dropped by 12% within the final 7 days, which is double the BTC Price fell in the identical interval.
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ARK Invest COO Says ETH ETF Approval Soon
When requested whether or not the spot ETH ETF was on the playing cards, ARK Invest President and chief working officer Tom Staudt stated the approval was coming “soon.” Staudt recalled that ARK Invest was the primary applicant to file for an Ethereum ETF with the US SEC and therefore expressed confidence of an approval in close to future. On September 7, 2023, Ark Invest became the primary to file for a spot Ether ETF within the United States. The fund was initially aimed toward increasing its portfolio of crypto merchandise, at a time when the market was more and more turning into assured of a Bitcoin ETF approval.
Speaking to Fox Business journalist Eleanor Terrett, the ARK Invest COO said the discussions with the SEC provides confidence of the potential for an ETH ETF approval, each from authorized precept and implementation standpoint. Compared to the timeline within the lead as much as the spot Bitcoin ETF approval, the case for Ethereum ETF approval has modified philosophically, operationally and in addition legally, he defined.
Accumulation Continues
Meanwhile, ARK Invest chief government officer Cathie Wood stated a majority of the funding neighborhood are underestimating Bitcoin, within the context of the highest cryptocurrency dropping under the $40,000 mark. Showing confidence in a possible turnaround within the prospects of crypto market, the Cathie Wood agency increased its holdings in Ark 21Shares spot Bitcoin ETF, offloading ProfessionalShares Bitcoin Strategy ETF (BITO).
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