Investment firm Valkyrie has announced that it will begin offering exposure to Ethereum (ETH) futures with the launch of its Bitcoin Strategy ETF. Starting on October 3, the fund will be renamed the Valkyrie Bitcoin and Ether Strategy ETF. This move makes Valkyrie one of the first firms to offer investors access to both Bitcoin and Ethereum futures in a single fund. Additionally, asset manager VanEck is preparing to launch its own Ethereum Strategy ETF on the Chicago Board Options Exchange.
Analysts believe that the potential shutdown of the US government may have accelerated the launch of Ethereum futures ETFs. The looming shutdown, which is scheduled for October 1, could impact financial regulators and federal agencies, prompting firms to expedite the launch of new investment products before any potential disruptions.
In other news, former FTX CEO Sam “SBF” Bankman-Fried is set to stand trial on fraud charges starting on October 4. The trial, which is expected to last for six weeks, will determine whether Bankman-Fried committed the crimes he is accused of. If found guilty, he could face a lifetime in prison. Bankman-Fried has been in pre-trial detention since August 11.
Co-founder of Three Arrows Capital (3AC), Su Zhu, has been arrested at Changi Airport in Singapore. Zhu’s arrest followed a committal order from the Singapore Courts for contempt of court. Teneo, the joint liquidator of the bankrupt hedge fund 3AC, stated that Zhu’s arrest is part of an ongoing investigation to recover funds for the fund’s creditors. A similar committal order has been issued against co-founder Kyle Davies, whose whereabouts are currently unknown.
Binance, one of the world’s largest cryptocurrency exchanges, has urged its European users to convert their euro balances to Tether (USDT) by October 31. This comes after Binance lost support from its banking partner, Paysafe, which ceased processing euro deposits for Binance users on September 25. While euro withdrawals to bank accounts are still available, users will no longer be able to engage in euro spot trading on the platform.
The US Securities and Exchange Commission (SEC) has once again delayed its decision on several spot Bitcoin ETF applications, including those from BlackRock, Invesco, Bitwise, and Valkyrie. This delay comes ahead of a potential government shutdown, which could impact financial regulators and federal agencies. Bloomberg ETF analyst James Seyffart predicts similar delays for Fidelity, VanEck, and WisdomTree.
In the cryptocurrency market, Bitcoin is trading at $26,895, Ether at $1,667, and XRP at $0.53. The total market cap is $1.07 trillion. The top three altcoin gainers of the week are Compound (COMP) at 23.71%, Chainlink (LINK) at 15.12%, and THORchain (RUNE) at 14.51%. The top three altcoin losers of the week are Immutable (IMX) at -9.80%, UNUS SED LEO (LEO) at -5.38%, and XDC Network (XDC) at -4.61%.
Overall, the cryptocurrency market is seeing some positive movement, with Bitcoin attempting to hold gains above $27,000. However, there are concerns about potential short squeezes and regulatory uncertainties that could impact the market in the coming weeks.