According to a recent survey by eToro with retail investors in the UAE, over 74% respondents agreed that the prospect of an ethereum ETF will significantly influence their decision to increase, decrease or maintain their current ethereum allocation.
Ethereum was one of the best performing cryptoassets last week and grabbed the majority of headlines following the SEC’s approval of the 19b-4s, allowing US exchanges (venues run by Cboe, Nasdaq and NYSE New York Stock Exchange) to list ethereum spot ETFs.
Although the ethereum spot ETFs aren’t live yet, as the S-1 registration statements from the ETF issuers still need to be approved by the SEC, last week’s approval of the 19b-4s is a significant step forward, when only a few weeks ago the odds of an ethereum spot ETF being approved were slim.
Ethereum saw a strong rally in the run up to the 19b-4 approvals and finished the week up 24%.
The coming weeks will be interesting to see how the ethereum price responds to developments around approval of the S-1 applications and also as we’re going into a macroeconomic climate with potentially looser financial conditions, i.e interest rate cuts and a slowdown to quantitative tightening, conditions where risk assets such as crypto tend to perform well.
Markets are also anticipating which cryptoaassets could be next to see a spot ETF, with solana and XRP being touted as the most likely.
About eToro:
eToro is the investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have over 35 million registered users from more than 100 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media centre here for our latest news.
