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“the Fund will not purchase ether futures contract until the effectiveness of an amendment to the Fund’s registration statement contemplating the addition of ether futures contracts to the principal investment strategy of the Fund. Until such time, the Fund will unwind any existing positions in ether futures contracts.”
Despite the decision to reverse course, other ETH-futures ETFs will launch on Monday. Valkyrie Chief Investment Officer Steven McClurg said, “The SEC has told VanEck and ProShares they can also launch on Monday.”
The SEC approvals put ETH on the US ETF map. While investors don’t hold physical assets in the futures markets, the evolution of the crypto futures market to include ETH futures ETFs is a positive step forward.
SEC Flooded with Crypto-Spot ETF Applications
Filings to the SEC for crypto-spot ETFs surge as the US Government tumbles toward a shutdown.
On Friday, Invesco and Galaxy joined a growing list of firms applying for ETH-spot ETFs. According to the Form S-1 Registration Statement to the SEC, Invesco and Galaxy requested approval to launch the Invesco Galaxy Ethereum ETF. The ETF investment objective “is to reflect the performance of the spot price of ether […]” less expenses and other liabilities.
Earlier this month, the Nasdaq and Hashdex filed for the Hashdex Nasdaq Ethereum ETF. In contrast to the Galaxy/Invesco strategy, the Hashdex Nasdaq Ethereum ETF proposes exposure to futures and spot. The ETH filing followed the filing for a hybrid BTC ETF in August.
Technical Analysis
Bitcoin Analysis
BTC remained below the 50-day and 200-day EMAs, sending bearish price signals. A BTC break above the 50-day and 200-day EMAs may signal a near-term reversal bearish trend reversal.
A US government shutdown will likely delay progress in the SEC cases against Binance, Coinbase, and Ripple. It would also further delay the launch of crypto-spot ETFs. However, a government shutdown would curb regulation by enforcement activity across the digital asset space.
With the markets expecting the SEC to delay crypto-spot ETF reviews, the SEC’s inability to target the crypto market could offer price support.
Failure to break above the 50-day and 200-day EMAs would support a BTC fall through the $26,755 support level to test buyer appetite at $26,500.
The 14-Daily RSI reading of 54.68 supports a BTC move through the EMAs and a return to $27,000 before entering overbought territory.
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