One of the reasons it’s a magnet for retail trading revealed by an investor — TradingView News

Besides the obvious primary importance to institutions, the approval of spot ETFs on major cryptocurrencies could attract a new cohort of retail investors to Web3, the leading investor said. It draws parallels with the 2017 cryptocurrency campaign that introduced blockchain assets to the majority of modern cryptocurrency enthusiasts.

Retail crypto holders will be excited about Ether spot ETF, says veteran investor Arthur Cheong

Arthur Cheong, CIO and co-founder of Asian venture capital firm DeFiance Capital, cannot imagine a situation in which the retail community would not be excited about the approval of exchange-traded products on Ethereum for spot. ETHUSD. He shared the statement on X following the approval of Forms 19b-4s (preliminary) for US Spot ETH ETFs.

Over 70% of spot BTC ETFs are held by retail, and when I was retail, the first crypto I bought was ETH. Many Normans like XRP because of the fintech narrative as well. Most of the 2017 cohorts also joined crypto thanks to Ethereum.

I can’t imagine retail not being excited about ETH ;… — Arthur (@Arthur_0x) May 25, 2024

It recalls the situation of 2017, when the “norms” were attracted to cryptocurrency by the amazing stories of Ethereum. ETHUSD and XRP. It was Ethereum ETHUSD this motivated the majority of 2017 newcomers to start learning crypto and investing in digital assets.

While technology and Ethereum ETHUSD itself has undergone significant changes over the past seven years, its status remains undisputed for the entire Web3 scene:

I can’t imagine retail not being excited about ETH; the decentralized technology layer that powers the Web 3.0 economy

Cheong pointed out that more than 70% of Bitcoin ETF spot positions are held by retail investors. As covered by U.Today previously, spot Bitcoin ETFs BTCUSD received the green light in the United States in early January.

Its supporters echoed this position, adding that potential Ethereum spot ETF operators would do everything possible to aggressively promote the new products to the retail public.

Ethereum ETHUSD price fails to reclaim $4,000

As U.Today previously reported, on May 23, 2024, the US SEC approved 19b-4s applications for the launch of Ether ETFs. The most crucial S-1 forms have not yet been authorized by the regulator.

The most interesting is yet to come for Ethereum ETF enthusiasts. The price of Ether performed poorly, unimpressed by the intermediate stage.

Immediately after approval, Ethereum ETHUSD the price increased from $3,830 to $3,670. At press time, Ether is changing hands at $3,743 on major spot exchanges.

Ether price increased by 0.89% in the last 24 hours, underperforming the market benchmark by 1.9%.

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