Ether ETFs Hit U.S. Markets: A New Milestone for Cryptocurrency

The U.S. has witnessed the launch of its first exchange-traded funds (ETFs) tied to the price of ether, following in the footsteps of bitcoin ETFs. This marks a significant milestone in the crypto industry's journey toward mainstream acceptance. Products from firms like VanEck, Fidelity, and BlackRock have begun trading, further solidifying ether's role in the financial sector.

The U.S. has welcomed its first exchange-traded funds (ETFs) linked to ether, the second-largest cryptocurrency. These products from companies such as VanEck, Fidelity, and BlackRock began trading on Cboe and Nasdaq, respectively.

The introduction of these ETFs is viewed as a key milestone in the cryptocurrency sector's efforts to gain mainstream acceptance. While these ether ETFs may not see the same trading volumes as bitcoin ETFs, their launch is essential in classifying ether as a commodity.

Although the Securities and Exchange Commission (SEC) has not confirmed ether as a commodity, these new ETFs are registered as commodity-based trusts. This development follows a decade-long effort to launch bitcoin ETFs, which faced multiple rejections due to market manipulation concerns.

(With inputs from agencies.)