[2023-10-02] CNBC: Ether futures ETFs hit the market as SEC mulls next steps on

[pawel7777]

This particular main-stream media press hit is more about ETH, but it mentions Bitcoin and has a wider context relevant to BTC spot ETF, so worth sharing.

Ether futures ETFs hit the market as SEC mulls next steps on bitcoin fund
https://www.cnbc.com/2023/10/02/ether-futures-etfs-debut-as-sec-mulls-next-steps-on-bitcoin-fund.html

Key Points:

•   Ether is already the second most popular crypto currency, behind bitcoin, but the arrival of the ETFs may make it easier for certain types of investors to gain exposure to that part of the crypto market.
•   Bitcoin futures ETFs already exist, led by the ProShares Bitcoin Strategy ETF (BITO), which holds about $900 million in assets.
•   The launch of the ether futures products may lead to optimism that spot bitcoin products will be approved.

The number of ETFs tied to cryptocurrencies is expanding dramatically in the first week of October, with a wave of funds that buy ether futures launching on Monday.

Ether is already the second most popular crypto currency, behind bitcoin, but the arrival of the ETFs may make it easier for certain types of investors to gain exposure to that part of the crypto market.

“I think the long-term buyers of these products are financial professionals — financial advisors, family offices,” and registered investment advisors, said Bitwise CIO Matt Hougan. “Retail traders can get exposure to ethereum through a Coinbase app, but a financial professional can’t invest through a phone,”

[Xal0lex]

Spot ETFs are not and were not going to be accepted this year. All the talk about ETFs this year was purely for speculation, the market reacted quite well to various news regarding the imminent launch of ETFs. In my opinion, this will only happen when liquidity floods into the market and the bull run begins. The adoption of ETFs in such a market will be a great catalyst for ATH upgrades in all major cryptocurrencies. The market from which investors' money is now flowing out is clearly not ready for ETF adoption.