{"id":25323,"date":"2024-07-18T12:00:53","date_gmt":"2024-07-18T09:00:53","guid":{"rendered":"https:\/\/coinengineer.io\/?p=25323"},"modified":"2024-07-18T10:10:47","modified_gmt":"2024-07-18T07:10:47","slug":"spot-ether-etfs-initial-volatility-and-long-term-expectations","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/","title":{"rendered":"Spot Ether ETFs: Initial Volatility and Long-Term Expectations"},"content":{"rendered":"<p><strong>Matt Hougan<\/strong>, Chief Investment Officer of <strong>Bitwise<\/strong>, says United States spot Ether exchange-traded funds (ETFs) would have a rough start but might eventually impact Ether&#8217;s price more dramatically than Bitcoin ETFs did for BTC.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#Initial_Volatility_and_Long-Term_Potential\" title=\"Initial Volatility and Long-Term Potential\">Initial Volatility and Long-Term Potential<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#Key_Factors_Behind_the_Bullish_Outlook\" title=\"Key Factors Behind the Bullish Outlook\">Key Factors Behind the Bullish Outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#Price_Predictions\" title=\"Price Predictions\">Price Predictions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#Market_Sentiment_and_Potential_Liquidations\" title=\"Market Sentiment and Potential Liquidations\">Market Sentiment and Potential Liquidations<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Initial_Volatility_and_Long-Term_Potential\"><\/span>Initial Volatility and Long-Term Potential<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Hougan<\/strong> expects the first few weeks to be stormy as money may leave the $11 billion Grayscale Ethereum Trust (ETHE) once it changes its structure to be an exchange-traded entity. &#8220;After the $11 billion Grayscale Ethereum Trust (ETHE) converts to an ETP, money could flow out of it and the first few weeks could be choppy,&#8221; Hougan said.<\/p>\n<p>He also pointed out that given possible selling pressures comparable to those seen by spot Bitcoin ETFs when they opened on January 11, major outcomes should not be anticipated right away. Hougan, however, remains hopeful about the long run and projects fresh highs by the end of the year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Factors_Behind_the_Bullish_Outlook\"><\/span>Key Factors Behind the Bullish Outlook<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Hougan<\/strong> listed three primary reasons why Ether ETFs may affect the price of the asset more so than Bitcoin ETFs:<\/p>\n<ol>\n<li><strong>Zero Inflation Rate<\/strong>: Given the few ETH produced everyday, the widespread use of Ethereum-based apps has produced an effective 0% inflation rate for Ether.<\/li>\n<li><strong>Staking vs. Mining Costs<\/strong>:\u00a0Because Bitcoin miners must use high-end computer processors and use a lot of energy, they incur major running expenses as compared to miners of other cryptocurrencies. Those staking ETH, on the other hand, have less direct expenses.<\/li>\n<li><strong>Staked ETH Supply<\/strong>: About 28% of all ETH is now staked and locked away, therefore limiting the available supply and driving price pressure upward.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Price_Predictions\"><\/span>Price Predictions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>From its present price of $3,401, <strong>Hougan<\/strong> forecasts that the spot Ether ETFs, set to launch on July 23, may drive Ether&#8217;s price beyond $5,000 by the end of 2024, therefore signifying a 47% gain from its current price. He says the price may climb much more if inflows surpass market estimates.<\/p>\n<p>&#8220;<em>The price might be much higher still if flows are stronger than many market analysts predict&#8221;<\/em> he said. Pseudonymous crypto trader Daan Crypto Trades agrees that the possible inflows into Ether ETFs are underappreciated. Daan Crypto Trades also pointed out that Ether&#8217;s price is above the 200-day Moving Average (MA) and may break out around the ETF introduction.<\/p>\n<p>On the other hand, another trader, Kaleo, has a contrarian perspective and forecasts Ether&#8217;s price on the ETF debut to be down. &#8220;Gonna be a contrarian here and say that I believe Ethereum actually dips a bit next week versus. BTC,&#8221; Kaleo said.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Market_Sentiment_and_Potential_Liquidations\"><\/span>Market Sentiment and Potential Liquidations<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Hougan<\/strong> is hoping Ethereum will hit $5,000 by year&#8217;s end, but futures traders are hedging against a near-term drop. Based on CoinGlass statistics, a 10% rise to $3,750 could produce $1.31 billion in short liquidations; a 10% decline may wipe $544.39 million in long holdings.<\/p>\n<p><i><span style=\"font-weight: 400\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i><span style=\"font-weight: 400\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Matt Hougan, Chief Investment Officer of Bitwise, says United States spot Ether exchange-traded funds (ETFs) would have a rough start but might eventually impact Ether&#8217;s price more dramatically than Bitcoin ETFs did for BTC. Initial Volatility and Long-Term Potential Hougan expects the first few weeks to be stormy as money may leave the $11 billion<\/p>\n","protected":false},"author":6,"featured_media":25328,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,657,1,2],"tags":[1149,105,1000,7456],"class_list":["post-25323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coin-analysis","category-crypto-news","category-en","category-genel","category-news","tag-bitwise","tag-ethereum","tag-ethereum-etf","tag-matt-hougan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Spot Ether ETFs: Initial Volatility and Long-Term Expectations - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spot Ether ETFs: Initial Volatility and Long-Term Expectations - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Matt Hougan, Chief Investment Officer of Bitwise, says United States spot Ether exchange-traded funds (ETFs) would have a rough start but might eventually impact Ether&#8217;s price more dramatically than Bitcoin ETFs did for BTC. Initial Volatility and Long-Term Potential Hougan expects the first few weeks to be stormy as money may leave the $11 billion\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-18T09:00:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-18T07:10:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ethereum.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/\",\"name\":\"Spot Ether ETFs: Initial Volatility and Long-Term Expectations - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ethereum.webp\",\"datePublished\":\"2024-07-18T09:00:53+00:00\",\"dateModified\":\"2024-07-18T07:10:47+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\"},\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ethereum.webp\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ethereum.webp\",\"width\":1280,\"height\":720,\"caption\":\"ethereum\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Spot Ether ETFs: Initial Volatility and Long-Term Expectations\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\",\"name\":\"Tanju Akb\u0131y\u0131k\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"caption\":\"Tanju Akb\u0131y\u0131k\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/cetanju\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Spot Ether ETFs: Initial Volatility and Long-Term Expectations - Coin Engineer","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/","og_locale":"en_US","og_type":"article","og_title":"Spot Ether ETFs: Initial Volatility and Long-Term Expectations - Coin Engineer","og_description":"Matt Hougan, Chief Investment Officer of Bitwise, says United States spot Ether exchange-traded funds (ETFs) would have a rough start but might eventually impact Ether&#8217;s price more dramatically than Bitcoin ETFs did for BTC. Initial Volatility and Long-Term Potential Hougan expects the first few weeks to be stormy as money may leave the $11 billion","og_url":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/","og_site_name":"Coin Engineer","article_published_time":"2024-07-18T09:00:53+00:00","article_modified_time":"2024-07-18T07:10:47+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ethereum.webp","type":"image\/webp"}],"author":"Tanju Akb\u0131y\u0131k","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tanju Akb\u0131y\u0131k","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/","url":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/","name":"Spot Ether ETFs: Initial Volatility and Long-Term Expectations - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ethereum.webp","datePublished":"2024-07-18T09:00:53+00:00","dateModified":"2024-07-18T07:10:47+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546"},"breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ethereum.webp","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/ethereum.webp","width":1280,"height":720,"caption":"ethereum"},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/spot-ether-etfs-initial-volatility-and-long-term-expectations\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"Spot Ether ETFs: Initial Volatility and Long-Term Expectations"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546","name":"Tanju Akb\u0131y\u0131k","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","caption":"Tanju Akb\u0131y\u0131k"},"url":"https:\/\/coinengineer.net\/blog\/author\/cetanju\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/25323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=25323"}],"version-history":[{"count":3,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/25323\/revisions"}],"predecessor-version":[{"id":25329,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/25323\/revisions\/25329"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/25328"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=25323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=25323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=25323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}