Monochrome Asset Management to Launch Ethereum ETF on CBOE

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Monochrome Asset Management has officially applied to the Chicago Board Options Exchange (CBOE) Australia to launch an Ethereum (ETH) exchange-traded fund (ETF). According to the filing, the proposed ETF, IETH, is being pursued in collaboration with Vasco Trustees Limited.

ETH Price Could Rally Up If Monochrome ETF is Approved

If approved, this ETF will provide Australian retail investors with a regulated and accessible pathway to invest directly in Ethereum (ETH), one of theleading digital assets in the world. Likewise, the IETH ETF aims to follow the price of Ethereum. This allows investors to easily participate in the cryptocurrency’s growth by mirroring its market movements.

Notably, the Monochrome Ether ETF is designed to appeal to retail investors. It will allow for both cash and in-kind transactions. This simplifies the investment process, enabling participants to invest in ETH like any traditional asset.

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Should the IETH ETF gain approval, some analysts believe that the price of Ether could experience a significant rally. Predictions suggest that Ethereum’s price could reach between $4,500 and $5,000. Currently, the ETH price stands at $2,371.39, with a market capitalization of $285.650 billion. The cryptocurrency has also seen a 24-hour trading volume of $13.7 billion.

Five Ethereum ETF Began Trading on July 23

As reported by TheCoinRise, five spot Ethereum exchange-traded funds started trading on the CBOE on July 23. The five ETFs are Franklin Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and 21Shares Core Ethereum ETF. These funds constitute a significant turning point since they give institutional investors a fresh avenue to expose ETH.

Some of these ETF issuers have made public intentions to lower or waive fees to carve out a place in the market. Recall that, BlackRock’s iShares ETFs experienced unprecedented BTC and ETH inflows last month. Interestingly, these inflows marked the largest the asset management giant has ever seen in its cryptocurrency products.

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Within a week, BlackRock Bitcoin ETFs inflow amounted to 2,891 BTC, worth approximately $176,155,857. Likewise, its Ethereum ETF experienced inflows of about 10,300 ETH, worth over $26.88 million within 24 hours.

ETH ETFs Break Nine-Day Outflow Trend

Some days ago, the ETH ETFs in the United States made a significant comeback, recording a total net inflow of $5.8 million. This positive turn marks the conclusion of nine days of continuous net outflows. SoSoValue data revealed that BlackRock’s ETHA led the pack with the highest inflow of $8.4 million.

Fidelity’s FETH followed BlackRock with an inflow of $1.26 million. On the other hand, certain ETF issuers like Grayscale Ethereum Trust (ETHE) experienced a net outflow of $3.81 million. Generally, the nine-spot ETH ETFs saw a trading volume of $151.57 million, lower than the $900 million in late July.