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Vera 🎩🍿🍖🐹

@veramust

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The U.S. Securities and Exchange Commission (SEC) has accepted for review the CBOE exchange's application to authorize Ethereum (ETH) staking in 21Shares' exchange-traded fund (ETF), according to The Block. This does not mean automatic approval, but it is part of the standard bureaucratic procedure. If the application is approved, the fund will be able to use ETH for steaking and generate additional income that can be redistributed among investors. The document emphasizes that the staking will be exclusively on assets owned by the fund and will not be part of the staking-as-a-service. Spot ETFs in the U.S. have given investors legal access to cryptocurrency through traditional NASDAQ and NYSE exchanges in a share format. Issuing shares of such ETFs requires actual delivery of bitcoin by fund operators - this has provided an influx of capital into the market and has been a powerful catalyst for bitcoin demand in 2024. However, the price of Ethereum was barely affected by the launch of ETFs in mid-2024
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Experts at JPMorgan, one of the largest U.S. banks, said that the inflow of funds into spot ETFs on SOL and XRP in the first six months could surpass the figure of ETFs on ETH. JPMorgan noted that spot exchange traded funds (ETFs) on bitcoin, launched in the U.S. in 2024, were able to accumulate about 6% of the market supply of the first cryptocurrency. ETFs on ether began trading in July and currently hold about 3% of the total ETH supply. “Applying so-called 'adoption rates,' we see that SOL can attract about $3-6 billion in net assets and XRP can attract up to $4-8 billion,” analysts said. According to experts, unstable demand for altcoins makes it difficult to predict inflows into new cryptocurrency funds. With the exception of a few large cryptoassets, the episodic nature of the market is due to the volatility of investor sentiment and the emergence of new trending coins.
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