Ethereum ETFs Missed the January Boom!

Bobby Zagotta believes that if spot Ethereum ETFs launched alongside Bitcoin ETFs, their performance might have been stronger.

Author

Danielle du Toit
September 18, 2024

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Here's what we've got for you today:

  • Ethereum ETFs Would’ve ‘Done Better’ if Launched in January: Bitstamp Exec

  • Wintermute Unveils Election Prediction Market with HARRIS and TRUMP Tokens

  • Lawmakers Challenge SEC on Crypto Airdrop Classification

  • Kamala Harris Team ‘Moving in Right Direction’ on Crypto: Anthony Scaramucci

📆 Ethereum ETFs Would’ve ‘Done Better’ if Launched in January: Bitstamp Exec

According to Bobby Zagotta, Ethereum ETFs have not lived up to expectations, but he attributes that to their timing.

  • Bitcoin ETFs launched on Jan. 10 of 2024, and accumulated $17.5 billion in net inflows over eight months. Ethereum ETFs launched in July and have faced $600 million in net outflows within two months.

  • Ethereum ETFs struggled because of unfavorable market conditions for risk assets. Zagotta believes that if they had launched alongside Bitcoin ETFs, their performance might have been stronger.

  • Out of the 38 trading days since spot ETH ETFs launched, less than a third of these days saw positive net inflows. This was worsened by continued losses from Grayscale’s Ethereum Trust and weak performance across other ETFs.

Wintermute has announced the launch of the OutcomeMarket US presidential election prediction market, which will be powered by Chaos Labs’ Edge Proofs Oracle.

  • Two new tokens, HARRIS and TRUMP, will launch on multiple blockchains, including Ethereum, Base, and Arbitrum, in the fourth week of September.

  • Bebop, WOO, and Backpack will be some of the first exchanges to list the HARRIS and TRUMP tokens.

  • Wintermute’s prediction market will use a permissionless smart contract, which allows users to access the tokens across various blockchain networks.

Republican lawmakers, Tom Emmer and Patrick McHenry, believe the SEC's treatment of crypto airdrops could harm blockchain innovation.

  • Emmer and McHenry specifically raised concerns about the SEC's lawsuits against Hydrogen Technology Corporation and Justin Sun, which accused them of distributing unregistered tokens through airdrops.

  • They also questioned the SEC's application of the Howey test to crypto airdrops, which are often distributed for free.

  • Emmer and McHenry believe that the SEC's actions could prevent U.S. crypto users from embracing blockchain technology's benefits, and could potentially allow other countries to lead in shaping the future of the internet.

👍️ Kamala Harris Team ‘Moving in Right Direction’ on Crypto: Anthony Scaramucci

Hedge fund manager Anthony Scaramucci has praised Kamala Harris’s approach to crypto policy.

  • Scaramucci shared that he is very optimistic about Harris's crypto policies during a CNBC interview and revealed he was invited to join her campaign team to focus on crypto issues after last week's debate with Donald Trump.

  • He also expects Harris to soon outline her economic policies and position on crypto regulation.

  • After the debate, Harris gained a 2 percentage point lead over Trump on the prediction market Polymarket.

👀 QUICK NEWS

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