- The final Ethereum ETF approval has signaled rising institutional interest.
- State Street and Galaxy Digital’s collaboration has expanded ETF options beyond Bitcoin, boosting crypto adoption.
As an experienced analyst, I believe that the recent news of Ethereum ETF approval and the collaboration between State Street and Galaxy Digital are significant developments in the crypto space that cannot be overlooked despite the current bearish market conditions.
Approaching the highly anticipated authorization of ETFs for Ethereum [ETH] spot markets, predicted to debut on the 4th of July based on Reuters news, the financial sector exhibits reluctance in response.
Based on information from CoinMarketCap, Bitcoin (BTC) and other significant cryptocurrencies showed red candlesticks on their daily charts when I checked.
However, price action is not the only metric that reflects investor interest.
Surge in institutional interest for Ethereum
I’ve noticed an intriguing development in the Ethereum (ETH) derivatives market: even though its price has dipped recently, the open interest (OI) for ETH futures traded on the Chicago Mercantile Exchange (CME) is increasing. This trend mirrors what occurred with Bitcoin (BTC) prior to the commencement of Bitcoin ETF trading.
As a crypto investor, I’ve noticed that Oliver Isaacs, a well-respected figure in the blockchain community, recently shared his thoughts on X (previously known as Twitter).
“Ignore the gradual deterioration of market circumstances; a single volatile price swing can reverse prolonged downtrends.”
The rise in Open Interest for Ethereum futures on the CME signifies a surge in institutional investment, escalating market actions, and optimistic outlooks among traders towards Ethereum.
State Street and Galaxy Digital’s partnership
However, this isn’t the only positive news that has captured investors’ attention.
More recently, State Street and Galaxy Digital joined forces to create a new lineup of Exchange-Traded Funds (ETFs), granting investors access to the digital asset market.
In their individual statements, both firms hinted at expanding the scope of their proposed Bitcoin ETFs, signaling potential investment opportunities in a more diverse selection of digital assets.
According to a press release report released on the 26th of June,
“This partnership between top-tier, international asset managers aims to provide investors with the most cutting-edge opportunities in digital asset investment.”
According to the report, this partnership showcases the powerful combination of two prominent companies, granting investors the opportunity to tap into the $2.4 trillion digital asset market via manager-led approaches.
Community reaction
Expanding on the same, Mike Novogratz, Founder and CEO of Galaxy Digital, said,
“Moving forward, broadening investment opportunities beyond just directly purchasing Bitcoin represents the next significant expansion for the Bitcoin marketplace.”
This highlights how crypto is becoming a mainstream asset class with every passing day.
The crypto community is eager about this collaboration because State Street has had a long-standing interest in digital assets, with over three decades of experience in this field.
This company has been among the world’s leading providers of exchange-traded funds (ETFs) since 1993, when it launched the first U.S.-listed ETF. Today, it oversees more than $4.3 trillion in assets under management, making its optimistic outlook well-founded.
Not the first time
It’s intriguing that the announcement of new ETFs has once again caused a stir in the financial world. most recently, Brad Garlinghouse, the CEO of Ripple, brought up the possibility of more ETFs being developed during his speech at Consensus 2024.
He said,
As an analyst, I firmly believe that the introduction of exchange-traded funds (ETFs) based on cryptocurrencies such as XRP, Solana, and Cardano is only a matter of time. The unstoppable progress of the digital asset industry ensures that these developments are inevitable.
Despite the lengthy wait for Bitcoin ETFs to secure approval, their eventual acceptance signifies a significant step forward for wider cryptocurrency acceptance and potentially larger-scale approvals of additional ETFs in the future.
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2024-06-27 13:12