1. ETH Price Could Rally Up If ETF is Approved
2. Five Ethereum ETFs Began Trading on July 23
3. ETH ETFs Break Nine-Day Outflow Trend

Monochrome Asset Management has officially applied to the CBOE in Australia to launch an Ethereum exchange-traded fund (ETF). The application is made in collaboration with Vasco Trustees Limited and proposes the creation of a new fund under the ticker IETH.

ETH Price Could Rally Up If ETF is Approved

If the ETF is approved, it will provide Australian retail investors with a regulated and accessible way to invest directly in Ethereum, one of the leading digital assets in the world. The IETH ETF aims to follow the price of Ethereum, allowing investors to easily participate in the cryptocurrency’s growth by mirroring its market movements. The Monochrome Ether ETF is designed to appeal to retail investors, allowing for both cash and in-kind transactions, simplifying the investment process. Should the ETF gain approval, some analysts predict that Ethereum’s price could experience a significant rally, noting that the price could reach between $4,500 and $5,000. Currently, the ETH price stands at $2,371.39, with a market capitalization of $285.650 billion and a 24-hour trading volume of $13.7 billion.

Five Ethereum ETFs Began Trading on July 23

As reported by TheCoinRise, five spot Ethereum ETFs began trading on the CBOE on July 23. These funds include Franklin Ethereum ETF, Fidelity Ethereum Fund, Invesco Galaxy Ethereum ETF, VanEck Ethereum ETF, and 21Shares Core Ethereum ETF. These funds represent a significant turning point, as they provide institutional investors with a new way to participate. Some of these ETF issuers have publicly stated intentions to lower or waive fees to establish their market positions. Recall that BlackRock’s iShares ETFs experienced unprecedented BTC and ETH inflows last month. Interestingly, these inflows marked the largest the asset management giant has ever seen in its cryptocurrency products. Within a week, BlackRock Bitcoin ETF inflows amounted to 2,891 BTC, worth approximately $176,155,857. Similarly, its Ethereum ETF experienced inflows of about 10,300 ETH, worth over $26.88 million within 24 hours.

ETH ETFs Break Nine-Day Outflow Trend

A few days ago, ETH ETFs in the United States made a significant comeback, recording a total net inflow of $5.8 million. This positive turn marks the conclusion of nine days of continuous net outflows. SoSoValue data revealed that BlackRock’s ETH ETF led with the highest inflow of $8.4 million. Fidelity’s FETH followed BlackRock with an inflow of $1.26 million. On the other hand, certain ETF issuers like Grayscale Ethereum Trust (ETHE) experienced a net outflow of $3.81 million. Generally, the nine-spot ETH ETFs saw a trading volume of $151.57 million, lower than the $900 million in late July.

The launch of the Ethereum ETF by Monochrome Asset Management could open new opportunities for retail investors and increase interest in digital assets. Should the ETF be approved, it may significantly impact the market price of Ethereum.