Ether’s price dropped to its lowest price compared to bitcoin since July 2022 as the launch of futures-based ETH ETFs attracted meager interest from investors.
The asset manager Thursday said it had already begun purchasing ether futures contracts.
Options are derivatives that give the purchaser the right to buy or sell the underlying at a pre-determined price at a later date. Quarterly options settlements are closely watched by traders.
BTC slid to $26,500 as interest rates and the U.S. dollar surged while equities declined.
The Ark 21Shares Ethereum ETF is the first attempt to list such a fund in the U.S. that directly invests in ETH, the second largest cryptocurrency by market capitalization.
Broader crypto markets were modestly lower late on Wednesday.
Cboe’s BZX exchange filed the first documents in a bid to offer the first spot ether exchange-traded funds in the U.S.
There’s a high probability of approval on or before the SEC’s final deadline in mid-October for a decision on the first ether futures ETF in the U.S.
Ether Heads for 'Death Cross'
The Kansas City Federal Reserve’s annual Jackson Hole Symposium is underway, and Powell will deliver his keynote address Friday morning.