Senior Bloomberg strategist believes that the withdrawal of applications from VanEck and ProShares for the Ethereum fund is just a few days awayafter submitting them can be a good sign.
According to Eric Balchunas, such a quick reviewindicates the close work of companies with the regulator. Most likely, the revocation of documents is due to the need for revision in accordance with regulatory requirements.
Once the ETF receives SEC approval, the fund will launch in 75 days. According to Balchunas, it is most likely that ProShares will launch the first ETF.
After SEC Chairman Gary Genslerreported that regulators may be more open to Bitcoin ETFs if it is based on futures rather than cryptocurrency itself, fund managers rushed to apply for such a product. In total, more than two dozen applications were submitted, including Invesco, Galaxy Digital by Mike Novogratz and VanEck.
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