{"id":463352,"date":"2021-05-08T01:45:09","date_gmt":"2021-05-08T01:45:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=463352"},"modified":"2021-05-08T01:45:09","modified_gmt":"2021-05-08T01:45:09","slug":"vaneck-ethereum-etf-price-staggers","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/vaneck-ethereum-etf-price-staggers\/","title":{"rendered":"VanEck Files For Ethereum ETF As ETH&#8217;s Price Staggers"},"content":{"rendered":"<p>According to a Form S-1 filed with the <a href=\"https:\/\/uniquehot.com\/news\/how-the-xrp-community-reply-to-the-secs-shady-move\/\" target=\"_blank\">U.S. Securities and Exchange Commission (SEC)<\/a>, asset manager VanEck Digital Assets has filed for an Ethereum Exchange Traded Fund (ETF). Called VanEck Ethereum Trust, it would trade on the exchange Cboe BZX, if approved.<\/p>\n<p>The investment product would track the MVSI CryptoCompare Ethereum Benchmark Rate and would hold physical ETH. As Custodian, VanEck has appointed the Delaware Trust Company.<\/p>\n<p>Per the document, the custodian will hold the physical ETH. If the cryptocurrency trade downwards, VanEck will redeem or sell more shares. Selling the ETH has been ruled out. According to the <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1860788\/000093041321001047\/c101690_s1.htm\" target=\"_blank\" rel=\"nofollow\">document<\/a>:<\/p>\n<blockquote><p>The Trust\u2019s investment objective is to reflect the performance of the MVIS\u00ae CryptoCompare Ethereum Benchmark Rate less the expenses of the Trust\u2019s operations. In seeking to achieve its investment objective, the Trust will hold Ether (\u201cETH\u201d) and will value its Shares daily based on the reported MVIS\u00ae CryptoCompare Ethereum Benchmark Rate.<\/p><\/blockquote>\n<p>Asset manager <a href=\"https:\/\/uniquehot.com\/news\/how-the-sec-dug-into-a-hole-by-not-approving-a-bitcoin-etf\/\" target=\"_blank\">VanEck has also filed for a Bitcoin ETF with the SEC.<\/a> In the past, theirs and the rest of these petitions have been rejected by the regulator. However, the current seems different and more promising.<\/p>\n<p>Gary Gensler, former MIT professor with a course on cryptocurrencies and blockchain, has been confirmed as Chairman by the U.S. Senate. His position appears to be more flexible and pragmatic than his predecessors. The regulator will evaluate VanEck\u2019s petition and rule in favor or against it. The SEC has an extended period to issue its ruling which, in the past, has always used.<\/p>\n<h2>Canada\u2019s Ethereum ETF With Record High Volume<\/h2>\n<p>In the meantime, there is a crypto mania for Crypto ETFs in Canada, as Senior ETF Analyst for Bloomberg Intelligence Erick Balchunas said. The country has approved several Bitcoin and Ethereum ETFs and their trading volume has skyrocketed in the past weeks. Balchunas <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/32416004\" target=\"_blank\" rel=\"nofollow\">said<\/a>:<\/p>\n<blockquote><p>Canada going crazy for crypto. Thought the story would be $ETHX&#8217;s record smashing volume but no, the 3iQ Bitcoin ETF came out of nowhere to trade $200m, most in country. Likely (another) massive creation. It&#8217;s already up to $600m aum (equivalent of $16b in US lol).<\/p><\/blockquote>\n<p>Grayscale\u2019s ETH-based investment product, the Grayscale Ethereum Trust (ETHE), is the closest thing investor in the U.S. have to an ETF. Last week, this product\u2019s volume surpassed that of the Grayscale <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoins-price-up-coinbase-bleed-btc\/\" target=\"_blank\">Bitcoin<\/a> Trust (GBTC), as Balchunas said.<\/p>\n<figure id=\"attachment_463363\" aria-describedby=\"caption-attachment-463363\" style=\"width: 387px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-463363 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/Ethereum-ETH-ETHUSD-2.png?resize=387%2C444\" alt=\"Ethereum ETH ETHUSD\" width=\"387\" height=\"444\"><figcaption id=\"caption-attachment-463363\" class=\"wp-caption-text\">Canada&#8217;s ETH ETF with record volume. Source: Eric Balchunas &#8211; Bloomberg<\/figcaption><\/figure>\n<p>This suggests <a href=\"https:\/\/uniquehot.com\/analysis\/eth\/ethereum-corrects-gains-3200\/\" target=\"_blank\">ETH has been gaining attention from institutional investors.<\/a> The price has responded accordingly with ETH reaching a new all-time high in the same period.<\/p>\n<p><a href=\"https:\/\/uniquehot.com\/analysis\/eth\/ethereum-sets-new-ath-3550\/\" target=\"_blank\">ETH trades<\/a> at $3,544 with a 1.7% profit in the daily chart. In the weekly and monthly chart, ETH has a 27.6% and 78.2% profit, respectively.<\/p>\n<figure id=\"attachment_463365\" aria-describedby=\"caption-attachment-463365\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-463365 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/y4243uSg.png?resize=860%2C424\" alt=\"Ethereum ETH ETHUSD\" width=\"860\" height=\"424\"><figcaption id=\"caption-attachment-463365\" class=\"wp-caption-text\">ETH moves sideways in the lower timeframes. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/\" target=\"_blank\" rel=\"nofollow\">ETHUSD Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>According to a Form S-1 filed with the U.S. Securities and Exchange Commission (SEC), asset manager VanEck Digital Assets has filed for an Ethereum Exchange Traded Fund (ETF). Called VanEck Ethereum Trust, it would trade on the exchange Cboe BZX, if approved. The investment product would track the MVSI CryptoCompare Ethereum Benchmark Rate and would hold physical ETH. As Custodian, VanEck has appointed the Delaware Trust Company. Per the document, the custodian will hold the physical ETH. If the cryptocurrency trade downwards, VanEck will redeem or sell more shares. Selling the ETH has been ruled out. According to the document: The Trust\u2019s investment objective is to reflect the performance of the MVIS\u00ae CryptoCompare Ethereum Benchmark Rate less the expenses of the Trust\u2019s operations. In seeking to achieve its investment objective, the Trust will hold Ether (\u201cETH\u201d) and will value its Shares daily based on the reported MVIS\u00ae CryptoCompare Ethereum Benchmark Rate. Asset manager VanEck has also filed for a Bitcoin ETF with the SEC. In the past, theirs and the rest of these petitions have been rejected by the regulator. However, the current seems different and more promising. Gary Gensler, former MIT professor with a course on cryptocurrencies and blockchain, has been confirmed as Chairman by the U.S. Senate. His position appears to be more flexible and pragmatic than his predecessors. The regulator will evaluate VanEck\u2019s petition and rule in favor or against it. The SEC has an extended period to issue its ruling which, in the past, has always used. Canada\u2019s Ethereum ETF With Record High Volume In the meantime, there is a crypto mania for Crypto ETFs in Canada, as Senior ETF Analyst for Bloomberg Intelligence Erick Balchunas said. The country has approved several Bitcoin and Ethereum ETFs and their trading volume has skyrocketed in the past weeks. Balchunas said: Canada going crazy for crypto. Thought the story would be $ETHX&#8217;s record smashing volume but no, the 3iQ Bitcoin ETF came out of nowhere to trade $200m, most in country. Likely (another) massive creation. It&#8217;s already up to $600m aum (equivalent of $16b in US lol). Grayscale\u2019s ETH-based investment product, the Grayscale Ethereum Trust (ETHE), is the closest thing investor in the U.S. have to an ETF. Last week, this product\u2019s volume surpassed that of the Grayscale Bitcoin Trust (GBTC), as Balchunas said. This suggests ETH has been gaining attention from institutional investors. The price has responded accordingly with ETH reaching a new all-time high in the same period. ETH trades at $3,544 with a 1.7% profit in the daily chart. In the weekly and monthly chart, ETH has a 27.6% and 78.2% profit, respectively.<\/p>\n","protected":false},"author":535,"featured_media":462838,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,8686],"class_list":["post-463352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethusd"],"acf":[],"yoast_head":"\n<title>VanEck Files For Ethereum ETF As ETH&#039;s Price Staggers<\/title>\n<meta name=\"description\" content=\"According to a Form S-1 filed with the U.S. Securities and Exchange Commission (SEC), asset manager VanEck Digital Assets has filed for an Ethereum\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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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\u2019s \u2018Neuromancer.\u2019 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\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s 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. 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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\u2019s \u2018Neuromancer.\u2019 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\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s 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. 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