Crypto:
31684
Bitcoin:
$62.572
% 0.71
BTC Dominance:
%56.7
% 0.16
Market Cap:
$2.20 T
% 0.36
Fear & Greed:
49 / 100
Bitcoin:
$ 62.572
BTC Dominance:
% 56.7
Market Cap:
$2.20 T

ProShares Launches Ethereum Futures ETF

Proshares

Launched by ProShares for Ethereum Futures, offering the first Exchange Traded Fund (ETF), which allows for a bearish outlook. On Thursday, November 2nd, someone made the statement. Additionally ProShares Short Ether position created the strategy to offer the opposite of the daily performance of the Standard & Poor’s CME Ether Futures Index. In simpler terms, if the index falls by 1%, the ETF will try to earn a 1% return.

Similar to other cryptocurrency ETFs, the new product links to Ethereum futures contracts, not the token’s spot price. We are all waiting for the green light from the U.S. Securities and Exchange Commission to detect and accept Bitcoin ETFs.

ProShares introduced its first Ether ETF as part of a group that launched three of the nine new tools in early October. The ProShares Ether Strategy ETF offers only access to Ether; the other two combine exposure to Ethereum and Bitcoin.

You might like: The Latest Status in Cryptocurrencies! – November 3

Did the ETF Meet Expectations?

The largest of the new ether futures ETFs, with assets under $10 million, shows that the initial release has not met expectations. The ProShares Bitcoin Strategy ETF, on the other hand, had a very modest start compared to pulling in about $1 billion in assets in the early days. ProShares CEO Michael Sapir stressed that they designed the reverse Ether ETF to tackle the problem of a burdensome and costly process when taking a short position.

The head of industry and industry research at VettaFi, Roxana Islam, stated that while the market is awaiting the final SEC approval of spot-based crypto ETFs, the launch of ProShares’s inverse ether product was a right move. “Such a reverse strategy cannot be easily replaced or substituted with a spot product.” she says.

READ:  Ethereum ETFs See $39.21M Outflows on Thursday

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