Analyst: If the Ethereum futures ETF is approved, it is expected to reverse the downward trend of the ETH/BTC exchange rate

Odaily Planet Daily News According to data from cryptocurrency research company K33 Research, the ETH/BTC exchange rate is close to a yearly low, continuing a downward trend that began in September 2022. Despite the pessimistic outlook, K33 analysts reiterated their stance that a move to Ethereum is a wise choice before the end of the year, as the downward trend could be reversed if an Ethereum futures ETF is approved by the U.S. SEC in the coming weeks. Multiple applications for Ethereum futures ETFs have been submitted in recent months, including proposals from Ark Invest, ProShares, Valkyrie, and Grayscale. Analysts said the SEC is likely to announce a final decision on the Ethereum futures ETF application in mid-October. (The Block) According to previous news, Bloomberg senior ETF analyst Eric Balchunas posted on the X platform that although the spot ETF application is still uncertain, the Ethereum futures ETF is very likely (90% likely) to be launched from early October. Balchunas expects Valkyrie to launch first (albeit as a BTC+ETH hybrid ETF), followed by more than a dozen (other companies) direct Ethereum futures ETFs.