Spot Ether exchange-traded funds have received the final approval necessary to begin trading, with the funds expected to launch inA crypto advocacy group has penned a letter to US Vice President Kamala Harris urging her to consider adopting a more blockchain-friendly stance. Meanwhile, Hong Kong looks set to launch Asia’s first inverse futures product, and a new report by ARK Invest suggests Bitcoin was significantly oversold after the German government offloaded billions’ worth of confiscated BTC.
Spot Ethereum ETFs get approval to begin US trading on July 23
Spot Ether exchange-traded funds have been given the final approval to begin trading in the United States on July 23.
On July 22, the United States Securities and Exchange Commission gave the necessary approvals for their launch on their respective stock exchanges, including the Nasdaq, New York Stock Exchange, and Chicago Board Options Exchange.
The successful spot Ether ETF issuers include BlackRock, Fidelity, 21Shares, Bitwise, Franklin Templeton, VanEck and Invesco Galaxy. Analysts expect Grayscale to also begin trading on the day.
Meanwhile, analysts from Kaiko expect the price of Ether to be “sensitive” to spot Ether ETF inflows in the coming days, as investors will remember lackluster demand for ETH futures products late last year.
“The launch of the futures-based ETH ETFs in the US late last year was met with underwhelming demand, all eyes are on the spot ETFs’ launch with high hopes on quick asset accumulation,” said Kaiko’s head of indices Will Cai in a July 22 market report.
The Digital Chamber urges Harris to adopt a pro-crypto policy approach
The Digital Chamber has written to Kamala Harris urging the vice president to be more mindful of supporting crypto innovation in the United States.
In the letter, The Digital Chamber recommended that Harris support digital assets in the Democratic Party’s platform and select a running mate who understands the sector and is willing to engage with industry leaders.
“As you are poised to become the Democratic Presidential nominee, we write to urge you to take a forward-looking approach on digital assets and blockchain technology, an area that holds immense potential for innovation, economic growth, and financial inclusion,” the letter read.
The July 22 letter came after Harris confirmed her intent to run as the Democratic nominee during the 2024 presidential election. As Cointelegraph reported, President Joe Biden dropped out of the 2024 presidential race on July 21.
Hong Kong to launch Asia’s first inverse Bitcoin ETF
On July 23, Hong Kong will see the launch of Asia’s first Bitcoin futures inverse product, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK).
The new exchange-traded fund (ETF) by CSOP Asset Management — one of the largest asset managers in China — aims to offer investors a method of profiting from declines in the price of Bitcoin (BTC).
This development follows the successful launch of the CSOP Bitcoin Futures ETF (3066.HK) in December 2022, continuing the firm’s expansion in the Asia-Pacific region.
The CSOP Bitcoin Futures Daily (-1x) Inverse Product is designed to offer investment results that correspond closely to the inverse daily performance of the S&P Bitcoin Futures Index.
This inverse product achieves this through a futures-based replication strategy, which invests directly into spot-month Chicago Mercantile Exchange Bitcoin Futures.
According to a CSOP company post on July 22, the product is set to be listed on the Hong Kong Stock Exchange (HKEX) with a listing price of approximately 7.8 Hong Kong dollars per unit.
Additional reporting by Felix Ng, Sam Bourgi and Geraint Price.
