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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum ETF Approved While ETH Gives Bullish Signals

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Ethereum ETH ETHUSD

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The Ontario Securities Commission (OSC) from Canada has approved four Ethereum Exchange Traded Funds (ETFs) to be launched on April 20, 2021. The financial products were petition by CI Global Asset Management, Galaxy Digital, Purpose Investments, and Evolve ETFs.

Three months ago, Canada became the first country in North America to approve a Bitcoin ETF. At that moment, Purpose Investments received a “massive” advantage when it could launch its Bitcoin ETF a day before the competition, as stated by Bloomberg Intelligence ETF expert James Seyffart.

Now, the regulator seeks to create a “fairer” competition. The ETFs management fees will also be highly competitive with CI Galaxy offering 0.40%, Purpose 1%, Evolve 0.75%. Seyffart added:

That said the mgmt fees aren’t the expense ratio, so we won’t know the “Total” costs of each for some time.

CI Global Asset Management has called its ETF the “world’s first” based on Ethereum with the “world’s lowest management fee”. The product is aims for investors to benefit from Ethereum’s price appreciation and the growth of its ecosystem. Steve Kurz, Partner and Head of Asset Management at Galaxy Digital said:

We are thrilled to continue building our advisory relationship with CI. The CI Galaxy Ethereum ETF gives investors a simplified path to benefit from the explosion of decentralized applications being built on Ethereum.

At the start of April, Canada Bitcoin ETF’s have a record inflow streak, as stated by Senior ETF Analyst for Bloomberg Intelligence Eric Balchunas. The financial product affected the performance of others in the U.S., like Grayscale Bitcoin Trust (GBTC).

Also the Canada Bitcoin ETF's lifetime inflow streak has now reached 25 DAYS, an unprecedented feat in ETF history. This is my new $JETS. pic.twitter.com/HjB5qmcP9r

— Eric Balchunas (@EricBalchunas) April 2, 2021

The GBTC traded with a negative premium during March. Its investors called for actions and some proposed to modified GBTC’s traded mechanism. The Grayscale Ethereum Trust could suffer the same fate and attract the attention of institutional investors in the U.S. looking to gain exposure to the cryptocurrency.

Thus, the Securities and Exchange (SEC) Commission faces new pressure. In the meantime, 9 Bitcoin ETF petitions pile up with the U.S. regulator. Their approval seems, for some experts, imminent and could follow Canadian regulator steps, to allow their launch at the same time.

Ethereum (ETH) on a bullish trajectory

ETH is trading at $2,364 with 2.8% losses in the past day. In the weekly and monthly chart, ETH has 14.3% and 29.3% profits respectively.

Ethereum ETHUSD
ETH with small losses in the daily chart. Source: ETHUSD Tradingview

The price action for ETH seems to be cooling down during the weekend after it broke several ATH in previous days. ETH fundamentals remain strong with an increase of supply accumulation, as indicated by Lewis Harland from Decentral Park Capital.

We've just seen the 7th largest daily net outflow for #ETH since 2017. The accumulation continues. pic.twitter.com/h9RLc1Ds5Q

— Lewis Harland (@_LewisHarland_) April 17, 2021

Ethereum investor Qiao Wang said the following on this indicator: “one of the most bullish, fundamentally sound onchain indicators for $ETH”.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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