 ▲ Ethereum (ETH) |
The price of Ethereum (ETH), the second largest coin in market capitalization, is trading in the $3,500 range as of the 16th (Korean time).
According to CoinMarketCap, Ethereum is attempting to recover to the $3,600 level, rising 2.81% over the past 24 hours.
As of 8:17 am on this day, the price of Ether is $3,569.
Deribit, the world's largest cryptocurrency options exchange, said through its SNS channel on this day, "Negative atmosphere has spread in the market following remarks by U.S. Federal Reserve Chairman Jerome Powell, which is exerting downward pressure on the overall cryptocurrency market. However, ETH With the clarity of the timeline related to the spot ETF, an optimistic mood is also being sensed, with news of financial institutions submitting feedback on the ETH spot ETF securities report (S-1), and the maturity date of June 21 in the $3,500 to $3,700 range. “The purchase of call options has increased,” he explained.
In relation to this, Eric Balchunas, a Bloomberg ETF analyst, said through “I heard that on June 14, (regulator) officials submitted S-1 feedback to the issuers and requested that they resubmit (amendments) within a week. The issuers will work to do this. This is the best for now.” “It’s a guess,” he said.
Meanwhile, cryptocurrency derivatives trader Gordon Grant said in an interview with The Block, “If the staking option is removed from the Ethereum spot ETF, institutional interest will decrease, and institutional investors will use on-chain solutions instead of ETFs.” said.
Last month, ETH spot ETF issuers submitted an S-1 amendment excluding the staking option to the U.S. Securities and Exchange Commission (SEC).
Previously, JP Morgan also analyzed, “If the ETH spot ETF is approved, the market is expected to see a net inflow of up to $3 billion, and if staking is allowed, the net inflow could increase to $6 billion.”
