The Ontario Securities Commission just approved four new ETH ETFs that will be launched on April 20, 2021, as we can see more in our latest ethereum news today.
The approved ETFs were submitted by Purpose Investments, Galaxy Digital, Evolve, and CI Global Asset Management. Three months ago, Canada became the first country in North America to approve a Bitcoin ETF and from that moment on, Purpose Investments received a huge advantage when it was able to launch its ETF before the completion as explained by ETF expert James Seyffart.
The Ontario securities commission regulator seeks to create a “fairer competition” as the new ETFs management fees will also be competitive with CI Galaxy that offers 0.40%, Purpose 1%, and Evolve 0.75% as Seyffart added:
“That said the mgmt fees aren’t the expense ratio, so we won’t know the “Total” costs of each for some time.”
CI Global Asset Management called the ETFs the “world’s first” based on Ethereum with the “world’s lowest management fee.” Now, this product aims for investors to benefit from the price increase in ETH and the growth of the ecosystem. Steve Kurz who is a partner and Head of Asset Management at Galaxy Digital noted:
“We are thrilled to continue building our advisory relationship with CI. The CI Galaxy Ethereum ETF gives investors a simplified path to benefit from the explosion of decentralized applications being built on Ethereum.”
At the start of April, Canada Bitcoin ETFs hit a record inflow streak, and the financial product affected the performance of others like Grayscale Bitcoin Trust. The GBTC traded with a negative premium in March and the investors called for more actions and some even proposed to modified GBTC’s traded mechanism. The Grayscale Ethereum Trust will go through the same fate and attract more attention from institutional investors in the UK that are looking to gain more exposure to the cryptocurrency.
The Securities and Exchange Commission faces more pressure because 9 BTC ETFs petitions piled up with the US regulator and with their approval, according to some experts, it will follow the Canadian regulator’s steps and will allow their launch at the same time. ETH is trading at $2,364 with 2.8% losses in the past day while in the weekly and monthly charts, ETH has 14.3% and 29.3% profits made.
The price action for ETH seems to be calming down over the weekend after breaking a few ATHs in the previous days. The ETH fundamentals remained strong with an increase of supply accumulation that was indicated by Levis Harland from Decentral Park Capital. ETH investor Qiao Wang said that the indicator is one of the most bullish indicators for ETH.
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