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Spot Ether ETFs ‘unlikely to be dramatic’ but would get steady capital — Binance CEO

News Feed - 2024-07-19 05:07:33

Ezra Reguerra46 minutes agoSpot Ether ETFs ‘unlikely to be dramatic’ but would get steady capital — Binance CEOBinance CEO Richard Teng highlighted that the spot Ether ETFs could provide a stable and substantial influx of capital over time.298 Total views29 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksAs spot Ether exchange-traded funds (ETFs) inch closer to going live, Richard Teng, the CEO of crypto exchange Binance, commented on the ETFs’ potential and his expectations for the new crypto investment vehicle. 


On July 10, Bitwise’s chief compliance officer Katherine Dowling noted that the spot Ether (ETH) ETFs are “closer to the finish line,” highlighting that they might go live very soon. According to the executive, there are fewer issues in the back and forth between ETF issuers and the United States Securities and Exchange Commission (SEC).


On July 15, the SEC requested issuers submit their final S-1 filings by July 16 to launch the new funds on July 23.


With the launch of the ETFs coming very soon, many shared their predictions on how the new investment vehicles for ETH might perform.Spot Ether ETFs might not be ‘dramatic’ initially


In a previous interview, crypto investment firm MV Global’s managing partner, Tom Dunleavy, predicted that spot Ether ETFs may see $5 to $10 billion in inflows in the months after launch. The executive believes this will positively affect ETH, sending the crypto asset’s price to a new all-time high.


While some believe the initial effect will be grand, the Binance CEO believes it might not have such a massive initial impact. In a written response to Cointelegraph, Teng said:“While we anticipate a steady capital deployment into these ETFs, it is unlikely to be dramatic initially and will fluctuate based on various macroeconomic factors.”


However, Teng believes that these ETFs’ liquidity has the potential to grow exponentially. According to the executive, once the ETFs are approved, they will be available for institutional players who often consider long-term investments.


“This institutional involvement could provide a stable and substantial influx of capital over time,” Teng added.


Related:Institutions are more bullish on Ether than retail ahead of ETH ETF launchBinance CEO on Spot Ether ETFs


Teng also noted that the new development “builds on the positive momentum” the space witnessed in 2024. The executive said that this solidifies the legitimacy and accessibility of crypto. Teng said:“The upcoming launch of ETH spot ETF trading in the US marks yet another significant milestone for Ethereum and the broader digital asset market.”


Like the spot Bitcoin ETFs launched in January, Teng believes that the first wave of spot Ether ETFs could provide more avenues for a broader range of investors. The Binance CEO believes that the introduction of the ETFs addresses key concerns surrounding legitimacy, compliance and security, making ETH an attractive investment option overall.


Magazine:Ether ETFs on the move, Messi promotes memecoin, and more: Hodler’s Digest, July 7-13# Ethereum# SEC# United States# Regulation# Ethereum ETF# ETFAdd reaction

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