Ethereum

bullish

VanEck, a major investment management company, has revealed its intentions to discontinue and liquidate its Ethereum ETF Futures (EFUT). This decision, approved by the VanEck ETF Trust Board recently, comes as Ethereum-focused investment products face difficulties due to market fluctuation.&nbsp;
This move represents a significant blow to Ethereum’s (ETH) price, which was experiencing volatility amidst a broader market decline.&nbsp;
<h2 id="b-vaneck-disclosed-reason-behind-efut-liquidation-b">VanEck Disclosed Reason Behind EFUT Liquidation</h2>
In the announcement, the ETF provider revealed factors behind this motive. The crypto asset manager disclosed diminishing market interest, performance challenges, and other factors are the main drivers behind this choice.&nbsp;
Moreover, the board noted that investor interest in Ethereum futures products has yet to match expectations, playing a big part in their decisions. This sentiment contrasts with the <a href="https://thecoinrise.com/vaneck-celebrates-spot-ether-etf-approval-with-captivating-advertisement/" rel="noopener noreferrer nofollow">enthusiasm the investment firm had in May.</a> Industry experts see these issues as part of crypto ETFs’ broader challenges amid regulations and market ups and downs.&nbsp;&nbsp;
On the bright side, asset managers like <a href="https://thecoinrise.com/monochrome-asset-management-to-launch-ethereum-etf-on-cboe/" rel="noopener noreferrer nofollow">Monochrome have recently shown interest in the digital product.</a> This comes after the digital investment product recorded a <a href="https://thecoinrise.com/ethereum-etfs-break-nine-day-outflow-trend-with-5-8m-inflow/" rel="noopener noreferrer nofollow">significant inflow, breaking outflow trends</a> in late August.&nbsp;
<h2 id="b-vaneck-unveiled-guidelines-for-trading-and-liquidation-process-b">VanEcK Unveiled Guidelines for Trading and Liquidation Process</h2>
The investment asset manager outlined guidelines for EFUT investors to ease the transition. The firm said shareholders can trade their shares on the Chicago Board Options Exchange (Cboe) until September 16, 2024. The <a href="https://thecoinrise.com/vaneck-and-21shares-solana-etf-filings-removed-from-the-cboe-site/" rel="noopener noreferrer nofollow">recent ruckus between VanEck and the exchange</a> will not be a barrier for investors to execute their trades.&nbsp;&nbsp;
It was emphasized that the ETF will be officially removed after this date. By then, shareholders should prepare for a payment on September 23, 2024. During this payment, investors will receive a cash distribution equal to the net asset value of their shares. The investment firm highlighted that any gains from this payment may result in tax obligations, either as capital gains or losses.
<h2 id="b-market-analyst-predicts-ethereum-price-to-surge-b">Market Analyst Predicts Ethereum Price to Surge&nbsp;</h2>
The termination of EFUT operations coincides with the significant selling pressure Ethereum is experiencing during a broader market downturn. According to CoinMarketCap data, ETH’s price has dropped by almost 2.84% in the last 24 hours, trading at $2,291. This bearish price indicates that investors are adopting a cautious approach amid the market’s volatility.&nbsp;
Interestingly, some market experts have predicted a <a href="https://thecoinrise.com/major-price-surges-expected-for-ethereum-rollblock-and-xrp-if-bitcoin-reaches-new-highs/" rel="noopener noreferrer nofollow">significant shift in the crypto market towards the end of 2024</a>, including <a href="https://thecoinrise.com/ethereums-eth-next-big-breakout-why-missing-this-move-could-cost-you-big-time/" rel="noopener noreferrer nofollow">Ethereum’s market price</a>. VanEck even predicted a <a href="https://thecoinrise.com/vaneck-predicts-ethereum-to-hit-22000-by-2030/" rel="noopener noreferrer nofollow">bullish benchmark price for the digital asset</a> in June.
The post <a href="https://thecoinrise.com/vaneck-halts-ethereum-etf-futures-amid-performance-concerns/" rel="noopener noreferrer nofollow">VanEck Halts Ethereum ETF Futures Amid Performance Concerns</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

VanEck Halts Ethereum ETF Futures Amid Performance Concerns

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