Ethereum

Bank

<h2 id="key-points">Key Points</h2>
<ul>
 <li>ProShares has filed an S-1 registration statement to launch an Ethereum ETF.</li>
 <li>Despite this, Ethereum’s price and network growth have continued to decline.</li>
</ul>
<h2 id="proshares-moves-towards-ethereum-etf">ProShares Moves Towards Ethereum ETF</h2>
<p>ProShares, a significant ETF issuer, has taken a considerable step towards the launch of a spot <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> ETF.</p>
<p>They have done this by filing an S-1 registration statement.</p>
<h2 id="key-roles-in-the-etf">Key Roles in the ETF</h2>
<p>According to the filing, <a href="https://coineagle.com/exchange/gdax/" rel="noopener noreferrer nofollow">Coinbase</a> Credit will act as a critical partner by providing ProShares with a trade credit line.</p>
<p>This move will enable ProShares to borrow Ethereum and cash for certain transactions that exceed their immediate trading balance.</p>
<p>Bank of New York Mellon (BNY Mellon) will serve as the transfer agent, which means they will be responsible for processing both purchases and redemption orders for the ETF.</p>
<p>BNY Mellon will also serve as administrator and cash custodian, while Coinbase Custody will handle the safekeeping of the Ethereum assets.</p>
<p>It’s worth noting that the filing allows for some flexibility in these roles.</p>
<p>After an initial two-year term with annual renewals for BNY Mellon’s administrator role, ProShares can make changes.</p>
<p>The ETF can also add or remove custodians for both Ethereum and cash, and switch prime execution agencies at any time.</p>
<h2 id="ethereum-s-performance">Ethereum’s Performance</h2>
<p>Despite ProShares’ enthusiasm, the price of Ethereum continued to fall.</p>
<p>At the time of writing, Ethereum had dipped below the $3,500 mark and was trading at $3,497.81.</p>
<p>Despite the significant price drop, the overall trend for Ethereum appeared mostly positive.</p>
<p>Since the 19th of May, Ethereum’s price has been moving upwards, showing higher highs and higher lows, indicative of a bullish trend.</p>
<p>However, analysis of Santiment’s data revealed that Ethereum’s network growth had declined along with the price, indicating that new addresses were losing interest in Ethereum.</p>

ProShares Endeavors Forward with Ethereum ETF amidst ETH’s Market Downturn

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CoinEagle.com

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