🌋 Spot ETH ETFs are Set to Launch Amidst Mt. Gox Reimbursements
posted 16 Jul 2024
Bloomberg's senior ETF analyst, Eric Balchunas, has revealed that the SEC asked applicants to submit their final S-1 form documents by Wednesday, along with a request for effectiveness on Monday. This suggests that the launch could happen on Tuesday, July 23.
Recent analysis by Citi indicates that spot Ethereum ETFs may receive net inflows equivalent to 30%–35% of those that Bitcoin ETFs saw. However, Citi analysts warn that the actual inflows might not meet expectations.
They believe that investors are likely to seek diversification, which means that Ethereum could draw funds intended for Bitcoin ETFs rather than attracting new investments.
Tension is mounting in the crypto market with the upcoming launch of spot Ethereum ETFs and the scheduled repayments to creditors of the defunct Mt. Gox exchange.
On July 16, there was a significant movement of BTC worth billions of dollars between internal Mt. Gox wallets, as reported by Arkham. This activity is likely a preparation for the next round of payments to affected users and creditors.
Furthermore, Kraken has notified its users that it has received funds from the Mt. Gox trustee and plans to distribute them within the next 7–14 days.
More breaking news
