Galaxy Digital said exchange-traded funds tracking Ethereum’s native token, ETH, could become a multi-billion market opportunity soon after approval.
In a Wednesday report, Galaxy Vice President of Research Charles Yu said that in the first five months of trading, ETH ETFs could conservatively see 20% or upwards of 50% of the inflows as bitcoin ETFs, which have been a surprising hit since a suite of funds launched in January. “The Bitcoin ETFs have been live for about just under 6 months and can serve as a useful foundation to examine the likely reception of Ethereum spot-ETFs,” Yu wrote in the report. In particular, he said bitcoin ETFs are at least “partially responsible” for bitcoin’s price appreciation this year.
Grayscale, a unit of Digital Currency Group, is also looking to convert its closed-end Ethereum trust into an ETF, similar to how it rolled over the mammoth Grayscale Bitcoin Trust in January. GBTC has seen at least $17.5 billion in outflows from its comparatively high-fee fund, which many market commentators, including Yu, say has depressed bitcoin’s price.
Source: News Formal (newsformal.com)
Markets Eth-Etfs Galaxy-Digital Spot Ethereum ETF
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