In addition to the obvious overriding importance for institutions, the approval of spot ETFs on major cryptocurrencies could bring a new cohort of retail investors to Web3, says the top investor. It draws parallels to the 2017 crypto rush that introduced blockchain assets to most modern cryptocurrency enthusiasts.
In addition to the obvious overriding importance for institutions, the approval of spot ETFs on major cryptocurrencies could bring a new cohort of retail investors to Web3, says the top investor. It draws parallels to the 2017 crypto rush that introduced blockchain assets to most modern cryptocurrency enthusiasts.
Retail Crypto Holders Will Be Excited About Ether Spot ETF, Says Veteran Investor Arthur Cheong
Arthur Cheong, CIO and co-founder of Asian venture capital firm DeFiance Capital, cannot imagine a situation where the retail community is not excited about the approval of exchange-traded products on Ethereum (ETH). He shared the statement about X following the approval of Forms 19b-4s (preliminary) for US Spot ETH ETFs.
Over 70% of BTC spot ETFs are held by retailers, and when I was a retailer, the first cryptocurrency I bought was ETH. Many normal people also like XRP because of the fintech narrative. Most of the 2017 cohort also joined cryptocurrencies thanks to Ethereum.
I can’t imagine retail not getting excited about ETH;…
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Remember the situation in 2017, when the “norms” were attracted to cryptocurrencies by the amazing narratives of Ethereum (ETH) and XRP. It was Ethereum (ETH) that motivated most newcomers in 2017 to start learning crypto and investing in digital assets.
While the technology and Ethereum (ETH) itself have witnessed significant changes over the past seven years, its status remains undisputed for the entire Web3 scene:
I can’t imagine retail not getting excited about ETH; the decentralized technological layer that drives the Web 3.0 economy
Cheong highlighted that more than 70% of spot positions in Bitcoin ETFs are held by retail investors. As Guru-Investingpreviously reported, Bitcoin (BTC) spot ETFs received the green light in the US in early January.
His followers echoed this position, adding that operators of potential Ethereum spot ETFs will do their best to aggressively promote new products to the retail audience.
The price of Ethereum (ETH) fails to regain $4,000
As previously reported by Guru-Investingon May 23, 2024, the US SEC approved 19b-4 filings for the launch of Ether ETFs. The most important S-1 forms have not yet been authorized by the regulator.
Arman ShirinyanThe most interesting thing is yet to come for Ethereum ETF enthusiasts. Ether price demonstrated a pale performance, unimpressed by the interim milestone.
Immediately after the approval, the price of Ethereum (ETH) fell from $3,830 to $3,670. At press time, Ether is trading at $3,743 on major spot exchanges.
Ether price rose 0.89% in the last 24 hours, underperforming the market benchmark of 1.9%.
