In addition to the apparent critical relevance for institutions, the top investor believes that the introduction of spot ETFs on major cryptocurrencies may attract a new wave of ordinary investors to Web3. He compares it to the 2017 cryptocurrency boom, which most contemporary cryptocurrency enthusiasts first encountered through blockchain assets.
Crypto retail holders will be excited by Ether spot ETF, veteran investor Arthur Cheong says
The approval of exchange-traded goods on spot Ethereum (ETH) is expected to thrill the retail community, according to Arthur Cheong, CIO and co-founder of the Asian venture capital company DeFiance Capital. Following the acceptance of 19b-4s (preliminary) forms for U.S. spot ETH ETFs, he released the remark on X.
He remembers how the incredible stories of Ethereum (ETH) and XRP drew “normies” to cryptocurrencies in 2017. Most 2017 newcomers were inspired to learn about cryptocurrency and begin investing in digital assets by Ethereum (ETH).
Even if the technology and Ethereum (ETH) have changed significantly over the past seven years, the following is still uncontested for the Web3 scene as a whole:
https://x.com/Arthur_0x/status/1794255535447101527
It’s hard to believe that ETH, the decentralised technical layer driving the Web 3.0 economy, won’t excite retail.
Retail investors hold more than 70% of spot Bitcoin ETF holdings, according to Cheong. Early in January, the U.S. approved spot ETFs based on Bitcoin (BTC), as previously reported by U.Today.
His supporters agreed, saying that the operators of prospective Ethereum spot ETFs will do every effort to vigorously market the new offerings to the general public.
Ethereum (ETH) price fails to reconquer $4,000
As previously reported by U.Today, the U.S. SEC granted 19b-4s petitions for the introduction of Ether ETFs on May 23, 2024. The regulator still has not approved the most important S-1s forms.
For those who are interested in Ethereum ETFs, the best is still to come. Ether’s price showed poor performance, unhappy with the interim benchmark.
The price of Ethereum (ETH) fell from $3,830 to $3,670 just after acceptance. Ether is trading at $3,743 on major spot markets at the time of publishing.
The price of ether increased by 0.89% over the previous day, which was less than the 1.9% gain of the market’s benchmark.
