Ethereum

Bitcoin

ETF COIN

Speaking at the European Blockchain Convention, Bitwise CIO Matt Hougan expressed confidence that spot Ethereum ETFs will succeed despite a slow start.Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) exchange-traded funds may have launched too early, crypto.news heard Hougan say during an <a href="https://eblockchainconvention.com/european-blockchain-convention-10/" rel="noopener noreferrer nofollow">EBC panel</a> on Sept. 25 in Barcelona, Spain. The Bitwise executive noted that Wall Street market players were still acclimatizing to Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) message, when spot ETH ETFs debuted.<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">They would have raised five times more assets if we had waited another year. It takes people a long time to digest Bitcoin and be ready for the next thing.Matt Hougan, Bitwise CIO</blockquote>ETFs tracking Ether’s spot price launched in late July, over five months after the U.S. Securities and Exchange Commission approved similar products backed by Bitcoin in January. Issuers have applied for options on these products, but the SEC has only <a href="https://crypto.news/sec-options-trading-blackrock-ishares-bitcoin-trust/" rel="noopener noreferrer nofollow">approved</a> options for BlackRock’s spot BTC ETF. The SEC <a href="https://crypto.news/sec-pushes-back-ethereum-etf-options-decision-to-november/" rel="noopener noreferrer nofollow">delayed</a> its verdict for options for spot ETH ETFs till November.You might also like: <a href="https://crypto.news/spot-bitcoin-etfs-accumulate-390-7m-over-four-days-ethereum-etfs-see-rebound/" rel="noopener noreferrer nofollow"> Spot Bitcoin ETFs accumulate $390.7m over four days, Ethereum ETFs see rebound </a>Outflows, mostly from existing Grayscale ETH funds, have hindered spot Ether ETF success, according to some in the market. However, Bitwise’s Hougan offered a different view, suggesting that Ethereum ETFs will inevitably attract traditional finance investors.<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">It’s a more complex message, and they were still getting their hands around Bitcoin. But it’ll happen. We’ll wake up a year from now, there will be $20 billion in Ethereum ETFs in the U.S., and everyone will say, ‘Wow, I thought they were a bust.’ No, they weren’t bust. These ETFs just take a while.</blockquote>As of writing, the Ethereum ETF complex has seen over $624 million in net outflows. The group, led by $10 trillion asset management giant BlackRock, held just over $7.2 billion in assets.Hougan expects improved spot Ether ETF numbers to align with a resurgence in ETH’s narrative. While Bitcoin has thrived under the “digital gold” narrative and Solana has gained attention for its fast transactions, Ethereum has lagged, according to Hougan.<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">That will end, though. I think the market is coming back around to Ethereum, but it’s taken some time.</blockquote>Ethereum has grown 14% in the past week and was back above $2,600. Some experts <a href="https://crypto.news/crypto-products-see-surge-in-inflows-fueled-by-fed-rate-cut/" rel="noopener noreferrer nofollow">speculate</a> that the second-largest cryptocurrency could experience a bullish fourth quarter, driven by Federal Reserve rate cuts and renewed optimism in the virtual currency market.<figure class="wp-block-image size-full"><img width="1113" height="653" src="https://crypto.news/app/uploads/2024/09/ETHUSDT_2024-09-25_16-13-38.png" alt="Ethereum price chart" class="wp-image-14299868"><figcaption class="wp-element-caption"> 24-hour ETH price chart – Sept. 25 | Source: crypto.news </figcaption></figure>Read more: <a href="https://crypto.news/sec-pushes-back-ethereum-etf-options-decision-to-november/" rel="noopener noreferrer nofollow"> SEC pushes back Ethereum ETF options decision to November </a>

Bitwise CIO: Ethereum ETFs came too early

crypto.news

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