ETH ETFs to Follow Bitcoin's Footsteps?
ETH/USD is expected to experience increased volatility this week, with spot Ethereum ETFs set to go live on Tuesday, according to Bloomberg. The Securities and Exchange Commission (SEC) is poised to finalize updates on the products today.
Ethereum ETFs follow the path of eleven trading spot Bitcoin ETFs, which have amassed over $54 billion in assets under management since their January debut. Bitcoin has surged 47% this year.
Demand for the ETH ETF funds are projected to be 20% that of the spot Bitcoin ETFs, according to Bloomberg analyst James Seyffart. Meanwhile, the Bitcoin 2024 Conference will commence on July 25, featuring Republican nominee Donald Trump, who is set to discuss a potential US Bitcoin strategy. Speculation is rife that Trump may announce the creation of a U.S. Bitcoin strategic reserve during his highly anticipated appearance.
David Bailey, the organizer of the Bitcoin 2024 conference has also hinted that Tesla CEO Elon Musk could make a surprise appearance at the event. Musk recently updated his X profile picture to feature laser eyes, a symbol among bitcoin and crypto enthusiasts as noted by Michael Saylor, founder of bitcoin-buying software company MicroStrategy, alongside a screenshot of Musk's new profile picture.
