By NewsBlogger VanEck is optimistic about the potential growth of spot Ethereum exchange-traded funds (ETFs) surpassing Bitcoin products in size, while some in the crypto community have raised concerns about the practicality of Ethereum ETFs and suggested that investors may benefit more from purchasing and staking their own ETH.
At a glance
- VanEck is optimistic about the potential growth of Ethereum ETFs
- Ethereum ETFs could surpass Bitcoin products in size
- Market analysts suggest investors may benefit more from purchasing and staking ETH
- Challenges ahead for Ethereum ETFs, SEC approval estimated at 50%
- Solana blockchain hub for meme coins, BOME, experiences rapid surge in price
The details
VanEck, a prominent investment management firm, has expressed optimism about the potential growth of spot Ethereum exchange-traded funds (ETFs), believing that they could surpass similar Bitcoin products in size.
Pranav Kanade, a portfolio manager at VanEck, highlighted that Ethereum ETFs could attract significant demand, pointing out that the market size for Ethereum is as substantial, if not larger than that of Bitcoin ETFs.
Despite this positive outlook, some crypto community members have raised concerns about the practicality of Ethereum ETFs, noting that these products may not allow for the distribution of staking rewards.
Market Analysts’ Suggestions
In light of these considerations, market analysts have suggested that crypto investors may benefit more from purchasing and staking their own ETH rather than investing in ETFs.
Kanade emphasized that Ethereum may hold more appeal as an asset for a broader audience compared to Bitcoin.
Challenges Ahead for Ethereum ETFs
However, Kanade acknowledged the challenges ahead, stating that Ethereum ETFs surpassing Bitcoin funds would require substantial inflows, particularly given the success of spot Bitcoin ETFs.
Looking ahead, Kanade assessed the likelihood of the U.S. Securities and Exchange Commission (SEC) approving Ethereum ETFs, estimating the odds at 50%, in contrast to Bloomberg analysts’ prediction of 30%.
While the SEC was compelled to approve spot Bitcoin ETFs due to legal obligations, the agency’s stance on similar products for Ethereum remains uncertain.
Commissioner Hester Pierce has indicated that the SEC may not require legal intervention to greenlight pending applications for Ethereum ETFs, potentially paving the way for regulatory approval.
Meanwhile, the Solana blockchain has emerged as a hub for new meme coins during the current bull cycle, with notable developments surrounding BOOK OF MEME (BOME).
Following its launch, BOME experienced a rapid surge in price, propelling it into the top 100 cryptocurrencies by market capitalization after securing a listing on Binance.
Notably, an investor managed to turn 50 SOL into 767 SOL through participation in BOME’s pre-sale, underscoring the potential gains associated with these meme coins.
The growing popularity of BOME attracted attention from major cryptocurrency exchanges, leading to a significant price increase.
Binance, a leading exchange platform, introduced four trading pairs for BOME, cautioning users about the volatility inherent in new tokens like BOME. As a result, BOME witnessed a remarkable surge of over 140% in the past 24 hours, catapulting its market capitalization to over $1.3 billion.
Currently ranked as the 88th largest cryptocurrency by market cap, BOME exemplifies the trend of meme coins such as SHIB, DOGE, PEPE, WIF, and BONK, experiencing substantial gains during the ongoing bull market.
The emergence of meme coins on the Solana blockchain and the potential growth of Ethereum ETFs underscore the dynamic nature of the cryptocurrency market, presenting investors with diverse opportunities and considerations amidst evolving regulatory landscapes and market trends.
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| cryptopotato.com |
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| – VanEck believes spot Ethereum exchange-traded funds (ETFs) could become bigger than similar Bitcoin products – Pranav Kanade, portfolio manager of VanEck, stated that Ethereum ETFs could attract more demand as they have a market size as big, if not bigger, than Bitcoin ETFs – Some members of the crypto community think Ethereum ETFs may not make much sense as the products may not allow staking reward distribution – Market analysts suggest that crypto investors should buy and stake their own ETH rather than invest in ETFs – Kanade believes that ETH could make more sense as an asset to more people than Bitcoin does – Kanade sees Ethereum ETFs surpassing Bitcoin funds as a huge task due to the significant inflows the spot Bitcoin ETFs have seen – Kanade places the odds of the SEC approving Ethereum ETFs at 50%, contrary to Bloomberg analysts’ 30% prediction – The SEC was legally forced to approve the spot Bitcoin ETFs, but it seems unlikely that the agency is eager to greenlight similar products for Ethereum. – Agency commissioner Hester Pierce believes the regulator would not need a lawsuit or court order to approve pending applications for Ethereum ETFs – VanEck recently reduced the management fee for its Bitcoin ETF, HODL, from 0.2% to 0% to attract more investors to the product. |
| cryptopotato.com |
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| – Solana blockchain is home to many new meme coins during this bull cycle – BOOK OF MEME launched earlier this week and quickly skyrocketed in price – BOME entered the top 100 cryptocurrencies by market cap after a Binance listing – An investor turned 50 SOL into 767 SOL by investing in BOME’s pre-sale – BOME grasped the attention of major cryptocurrency exchanges and its price surged – Binance listed four trading pairs for BOME starting on March 16 – Binance warned users about the volatility of BOME as a new token – BOME has soared by more than 140% in the past 24 hours – BOOK OF MEME now has a market capitalization of over $1.3 billion – BOME is the 88th largest cryptocurrency by market cap – Meme coins like SHIB, DOGE, PEPE, WIF, and BONK have seen massive gains during this bull cycle – New spot trading pairs for BOME include BOME/BTC, BOME/USDT, BOME/FDUSD, and BOME/TRY |
