On August 29, Ethereum prices surged, and a whale bought 8,000 ETH at $1,709, spending 13.66 million USDC. The coin may post even more gains in the sessions following a shift in trader sentiment after a favorable appellate court ruling in the case pitting Grayscale, the issuer of several trusts, including the Bitcoin Trust, versus the United States Securities and Exchange Commission (SEC).
The United States District of Columbia Court of Appeals faulted the SEC for not allowing Grayscale to convert the billions worth of over-the-counter (OTC) Bitcoin Trust to a Bitcoin spot Exchange-Traded Fund (ETF). The SEC has already approved a Bitcoin Futures ETF that doesn’t track the price of Bitcoin directly. Grayscale argued that measures implemented to ensure that prices aggregated for the Bitcoin index used to guide the Bitcoin Futures ETF are safe, and the same could be applied in guaranteeing the credibility of data streams used as input for a Bitcoin spot ETF.
Several firms have applied for an Ethereum futures ETF. As of early August, six entities, including Bitwise, VanEck, and Grayscale, wanted to offer these products to investors. The SEC has yet to approve any Ethereum futures ETF. If the regulator is satisfied with all applications and green light them depending on their filing dates, Volatility Shares Ethereum futures ETF would be the first to hit the market as early as October 12.
Presently, Bitcoin is trending higher after finding support at around $25,800. The expansion of BTC prices has benefited altcoins, and Ethereum is firm, breaking out. ETH prices have broken above last week’s resistance at $1,700, and the surge in ETH’s price as of August 29 displays rising trading volumes. This could suggest that ETH buyers are engaged, and the coin may surge even higher in the days ahead.
This News Article was automatically generated by Bob the Bot(AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | 🇺🇸 🇨🇦 |
| Sentiment | positive |
| Relevance Score | 8 |
| People | Sonali Basak, VanEck, Grayscale, Bitwise |
| Companies | VanEck, Volatility Shares Ethereum Futures ETF, Chicago Mercantile Exchange (CME), Grayscale, Bitwise |
| Currencies | Ethereum, USD Coin, Bitcoin |
| Securities | None |
