JAKARTA - The crypto industry is experiencing an important moment with the official launch of the Ethereum Ethereum spot on Tuesday (23 July 2024). Several Ethereum ETF spots, including 21 Core Ethereum ETF (CETH), have received the green light from the US Securities and Exchange Commission (SEC) after weeks of review.
This opens the gates for investors to invest in Ethereum through familiar financial instruments, like buying shares in traditional exchanges.
"This approval is clear evidence that cryptocurrencies have been recognized as legal and increasingly in demand asset classes," Ophelia Snyder, co-founder and president of 21Shares, said in a statement.
The launch of the Ethereum spot ETF marks a significant step forward for the crypto industry. Previously, only Bitcoin had an approved ETF spot, and this proved to attract billions of dollars in investment.
However, analysts predict that demand for the Ethereum spot ETF may not be as strong as Bitcoin. Preliminary estimates suggest the potential for a flow of funds is only 10 to 15% of what Bitcoin ETF receives.
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Even so, this launch remains a breath of fresh air for investors who want to invest in Ethereum in easier and diversified ways.
Bloomberg ETF analyst Eric Balchunas estimates the Ethereum spot's ETF value will reach the range of US$5 to US$8 billion (Rp80 to Rp128 trillion) in the first few years of launch. Although moderate, this figure shows great potential for the growth of the Ethereum market in the future.
On the other hand, some parties question the possibility of staking integration in Ethereum spot ETF products. Staking is a process where investors lock in their Ethereum to support blockchain networks and get a reward in the form of a new Ether.
The SEC, the US capital market regulator, has concerns about past staking services. However, experts predict that staking integration is just a matter of time, as the crypto industry matures.
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