According to top crypto analyst Crypto Rover, Grayscale’s recent filing to convert its $5 billion Ethereum private trust (ETHE) into a spot ETF is hugely bullish for Ethereum.
We’ve already seen the major impact a Bitcoin ETF has had on that market. However, with Ethereum’s much smaller $200 billion market cap, an ETF could have an even bigger relative effect.
The recent approval of a similar Ethereum futures ETF makes it likely the SEC will approve this new spot ETF application as well. The door seems open for spot Ethereum ETFs.
In addition, other major firms like VanEck have already launched Ethereum futures ETFs. BlackRock is also rumored to be looking at launching a spot ETF.
With all these major finance players entering the Ethereum ETF space, Crypto Rover sees this as an extremely bullish overall sign for Ethereum moving forward. The floodgates for institutional Ethereum investment appear to be opening.
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