Ethereum spot ETFs have been finally given the green light to start trading, but can they replicate Bitcoin’s ETF success?
Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: -0.01% 🇪🇺EUR: -0....Ethereum spot ETFs are set to begin trading today, giving a larger audience a second cryptocurrency exchange-traded fund to look at after Bitcoin spot ETFs hit the market in early January this year.
Ethereum's staking system offers users an opportunity to actively participate in network security while earning rewards. Ethereum holders can stake their ether tokens, contributing to the operation and security of the network. In return for their participation, stakers receive new ether tokens and transaction fees, effectively a yield on their staked money. The current Ethereum staking yield is around 3.2%.
With a new flow of demand expected, Ethereum is likely to move higher but gains may be limited in the short-term as other macro drivers dominate the landscape, in particular the upcoming US elections. In the longer term, and especially if spot ETH staking is approved, the price of Ethereum should move higher and break the November 2021, all-time high at $4,898.
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