Expert Warns of Bloodbath Following Launch of Spot Ethereum ETFs

Quick Summary:

The imminent approval of spot Ethereum ETFs, similar to earlier this year’s launch of spot Bitcoin ETFs, is expected to convert the $9 billion (approximately 2.94 million ETH) locked in Grayscale’s Ethereum Trust (ETHE) into one such ETF.

Thomas Fahrer, co-founder of Apollo, a firm focused on Bitcoin adoption, has issued a stark warning regarding the potential market dynamics following the approval of spot Ethereum ETFs.

Related Reading: Ethereum Soars 5.6% Ahead Of ETF Decision, Analysts Set Bigger Price Target One of the main reasons the spot BTC ETF approval turned out to be a "sell the news” event was Grayscale’s transition from an Ethereum Trust to a spot ETF.

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Article Details

Author / Journalist: Jake Simmons

Category: Crypto

Markets: United KingdomAustria

Topics: Ethereum Ether Ethereum news Ethereum price Ethereum Ethereum ETF News Eth price ETH Spot Ethereum ETFs

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-24 @ 08:20:28 (1 months ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 467 words

Reading Time: 3 minutes read

Sentences: 66 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21073292

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