Monochrome Asset Management is now listed as a company. Ethereum Exchange-traded Fund (ETF), listed on Cboe Australia, under ticker IETH. announced 5 Sept.
ETFs are designed to provide retail investors with a way to get exposure to Ethereum in a controlled manner. The fund will have dual access, which allows investors to redeem in cash or kind.
The company expects to receive a response on its application by the middle of this month.
IETH would expand the range of regulated cryptocurrency investment opportunities for Australian investors if it is approved. This is noteworthy because it was launched after Monochrome’s earlier launch. Bitcoin ETF is the acronym for ETF. Australia’s first ETF holding Bitcoin directly.
The company has a website that provides information about the business. websiteIBTC’s Bitcoins held by the company were worth $11.3 Million as of September 4.
Ethereum ETFs have challenges
Monochrome’s Ethereum ETF plan comes amid difficulties for similar products In the United States.
In their first trading month, the US-traded Ethereum ETFs experienced a net negative flow of $476,000,000. This was primarily due to withdrawals caused by cryptocurrency exchanges. Grayscale’s ETHE.
The market observers attribute this performance to Bitcoin’s advantage as the first mover. lack of staking Institutional investors are less interested in these products because of the limited options available in Ethereum ETFs and lower liquidity on the Ethereum market.
Quinn Thompson of Lekker Capital crypto hedge fund highlighted the contrast between early Bitcoin and Ethereum flow. Quinn Thompson, founder of crypto hedge fund Lekker Capital, highlighted the stark contrast in early Bitcoin and Ethereum flows.
Also, due in part to forced sales by banksrupt entities, the ETHE excess was lower than that of GBTC.
Thompson pointed out that the following made Ethereum ETFs Bitcoin’s performance was even more disappointing, given the challenges it faced. Bitcoin’s performance was even worse, considering the headwinds it faced. added:
“There is simply no smart money/traditional investor/whatever you want to call it demand for ETH at its current valuation.”
Bloomberg Senior ETF analyst Eric Balchunas He believes that the current outflows won’t last forever. He anticipates that new ETFs launched will ultimately offset the outflows.
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Source: cryptoslate.com