The chance of Ethereum, the second most valuable digital asset to reach $ 6,000 by the end of 2021, was announced by the Unfolded team. According to the team, this probability is at a considerable level of 19%.
The demand for Ethereum in the crypto and traditional markets has prompted asset management firm VanEck to file an ETH ETF with the SEC.
According to VanEck’s application to the SEC, the proposed Ethereum exchange-traded fund will not provide direct buying and selling of ETH. Instead, ETF will offer shares to be traded on the Cboe BZX exchange. Shares will be backed by Ethereum and their values will be backed according to the MVIS CryptoCompare Ethereum Benchmark rate.
The SEC has not yet approved any crypto-based ETFs in the United States. Additionally, the regulator still has several Bitcoin ETF implementations pending. For this reason, the chances of an Ethereum ETF to be approved right away appear extremely low.
Ethereum futures open positions reach $ 10 billion
In terms of trading activity, ETH markets have continued to break records since the digital asset broke the $ 3,000 ceiling in the new month of May. According to Skew’s data, total open positions in Ethereum futures reached $ 10 billion for the first time as shown in the graph below.
Ethereum held in stock exchanges continues to decline
At the same time, Blockchain metrics continue to show that investors and Ethereum holders are constantly dumping their ETH from exchanges. This type of activity causes Ethereum supply shortages and could possibly cause an immediate backlash in the form of a price increase. This scenario was predicted by the crypto community member @JA_Maartun as seen in the screenshot below.