The 19B-4 form of the Ethereum spot ETF has been approved. How long will it take for it to be officially traded? Will it usher in the second half of the bull market? What impact will this have on the future of the overall crypto industry?
Guests of this issue: Ling× Dry Goods Store owner Dada Dada Orange, Ethereum ecosystem developer 0xAA, dForce founder Mindao, data analyst Phyrex, OKX Web3 wallet mobile terminal manager Felix Fan
Video timeline and content:
00:00-03:30 Guest Introduction
03:30-16:40 Factors and processes affecting the approval of Ethereum ETF
16:40-35:20 The impact of Ethereum ETF on Ethereum ecosystem projects
35:20-53:30 Will Ethereum ET usher in the second half of the bull market?
53:30-67:10 Do the institutional audiences of Bitcoin and Ethereum spot ETFs overlap?
67:10-76:00 Is it necessary for ETF investors to become direct participants in the crypto market?
76:00-91:20 The US House of Representatives passed the FIT21 encryption bill. What are the driving forces for the change?
91:20-101:50 Is it possible to launch ETFs for other tokens?
Some wonderful points of view:
Will the institutional audience of Ethereum ETF completely overlap with that of Bitcoin spot institutional ETF?
The following are the views of Mr. Mindao (edited and collated):
The structure of investors targeted by Bitcoin ETF and Ethereum ETF is completely different. The main narrative of Bitcoin is that non-sovereign currency is a substitute for gold, or a so-called inflation hedge, or even a hedging target for geopolitical risks. Bitcoin now has two narratives that are particularly unfavorable to it. The POW token is a huge energy consumer, which directly competes with the energy of AI. This is the first point. Another big point is that Bitcoin is regarded as a currency, a currency that competes with the US dollar, and it competes with the US dollar standard.
If you want to invest in Web3, ETH is actually the best target. ETH is definitely the closest index, which also means that ETH may actually be the biggest difference from Bitcoin. Ethereum has a relatively advantageous point. From the perspective of energy consumption, the energy (consumption) of POS itself is more than 99% less than that of Bitcoin. From a narrative perspective, it is closer to technology. You can think of it in a sense. Ethereum is more politically neutral, unlike Bitcoin, which has its own politics and political attitudes. Ethereum is more likely to represent the so-called new Internet, or a more open Internet, or advocates the personalization of all data and assets, and the concept of 100% personal ownership of ownership, such an open Internet network. So it also means that it (Ethereum spot ETF) institutions will become many of them that invest in technology and indexes.
Mr. Ni’s views (edited):
BTC and Ethereum both look like cryptocurrencies, but for U.S. stocks, one is equivalent to the S&P, BTC may be equivalent to the S&P, and Ethereum is likely equivalent to the Nasdaq. One is the S&P index, and the other is the Nasdaq index. In terms of indices, although they are both indices in the U.S. stock market, they are completely different. So for people who buy BTC and Ethereum, there will definitely be a certain degree of overlap, but there will also be different degrees of non-overlap.
How close are ETF investors to becoming direct participants in the crypto market? Is it necessary for them to become direct participants in the crypto market?
Here are the opinions of Felix Fan, head of OKX Web3 wallet mobile (edited):
The approval of ETF will not bring a big direct increase to the Ethereum ecosystem, it does not have a direct relationship. But under this premise, the general public has the opportunity to improve their understanding of Ethereum. In the short term, because the price of Ethereum spot ETF will have a big increase or the trading volume will increase significantly after it is approved, it may attract a wave of new people. For these traditional institutions, the most likely product design is that we can provide some decentralized non-custodial solutions. Safe Wallet is also doing something similar, and Coinbase has also made great progress in non-custodial wallets. These attracted people want to participate, and they will feel that operations and GAS fees are too complicated. In order to solve these problems, we have been working hard to improve the user experience of Ethereum, including AA wallets and other more simplified products. In this way, users can not only buy ETH or conduct ordinary transactions, but also experience decentralized storage and transfer of on-chain tokens.
In general, we believe that after the Ethereum spot ETF is passed, not many people will immediately get involved, so the priority of our product promotion will not be adjusted because of the Ethereum spot ETF.
