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Besides the obvious paramount importance for institutions, the approval of spot ETFs on major cryptocurrencies might bring a new cohort of retail investors to Web3, the top investor says. He draws parallels to the 2017 crypto run that introduced blockchain assets to the majority of modern cryptocurrency enthusiasts.
Crypto retail holders will be excited by Ether spot ETF, veteran investor Arthur Cheong says
Arthur Cheong, the CIO and co-founder of Asian VC firm DeFiance Capital, cannot imagine a situation when the retail community will not be excited by the approval of exchange-traded products on spot Ethereum (ETH). He shared the statement on X following the approval of 19b-4s (preliminary) forms for U.S. spot ETH ETFs.
More than 70% of spot BTC ETF are held by retail, and when I was retail the first crypto I bought was ETH. Lots of normie like XRP because of the fintech narrative as well. Most 2017 cohort joined crypto because of Ethereum as well.
— Arthur (@Arthur_0x) May 25, 2024
Cant imagine retail wont get excited by ETH;…
He recalls the 2017 situation when "normies" were attracted to cryptocurrency by the amazing narratives of Ethereum (ETH) and XRP. It was Ethereum (ETH) that motivated the majority of 2017 newcomers to start learning crypto and investing in digital assets.
While the technology and Ethereum (ETH) itself witnessed significant changes in the last seven years, its status remains undisputed for the entire Web3 scene:
Cant imagine retail wont get excited by ETH; the decentralized technology layer powering Web 3.0 economy
Cheong highlighted that over 70% of spot Bitcoin ETF positions are held by retail investors. As covered by U.Today previously, spot ETFs on Bitcoin (BTC) were green-lit in the U.S. in early January.
His followers echoed such a position, adding that the operators of potential Ethereum spot ETFs will do their utmost to aggressively promote the new products amid the retail audience.
Ethereum (ETH) price fails to reconquer $4,000
As U.Today previously reported, on May 23, 2024, the U.S. SEC approved 19b-4s requests for Ether ETFs' launch. The most crucial S-1s forms are yet to be authorized by the regulator.
The most interesting is yet to come for Ethereum ETF enthusiasts. The price of Ether demonstrated pale performance, unimpressed by the interim milestone.
Immediately post-approval, the Ethereum (ETH) price dropped from $3,830 to $3,670. As of printing time, Ether is changing hands at $3,743 on major spot exchanges.
Ether's price added 0.89% in the last 24 hours, underperforming compared to the market's benchmark of 1.9%.