IntoTheBlock said the trend suggests that the crypto market is weighing the odds that Grayscale may convert ETHE into an ETF.
On September 6, ARK Invest moved towards launching the first spot Ether ETF in the United States. In an S-1with the SEC, the asset management firm said the ARK21Shares Ethereum ETF would track the performance of ETH.
Along with VanEck’s filing, the news caused an uproar in the crypto market, with bitcoin and ETH recording a brief ascent before falling back to their pre-announcement levels. While the crypto assets experienced a short glee, ETHE continued to progress.
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