Ethereum-Based ETFs Approved by Regulator

🔶The regulatory body has approved the listing of Grayscale Ethereum Mini Trust and ProShares Ethereum ETF derivatives on the digital platform NYSE Arca. However, shares of these derivatives will only be available for buying and selling after the regulator approves the S-1 forms for the registration of Ethereum ETFs.

🔶Grayscale plans to convert the Grayscale Ethereum Trust (ETHE) into an ETF and issue shares of this derivative to the holders of Grayscale Ethereum Mini Trust. This is expected to reduce the capital outflow from ETHE, which currently holds about $11 billion in investments.

🔶Matt Hogan, Chief Investment Officer at Bitwise, predicts the start of a bull rally in the Ethereum market due to the release of the ETFs. He believes that the powerful bullish trend will lead to a price increase of at least 47% from the current value, with Ethereum reaching $5,000 by the end of 2024.