Ethereum ETF race gets interesting as Valkyrie enters the mix

Valkyrie becomes the 14th firm to apply for an Ethereum ETF. Sentiment around Ethereum improves, however ETH’s price continues to decline.

Valkyrie applied for a combined ETH and BTC ETF.

ETH price fell, network growth and velocity of the altcoin continued to decline.

Recently, large institu- tions such as Blackrock have drawn a lot of attention to themselves due to their applications for BTC ETFs. These applications have stirred up interest in the king coin and added to the hype around the cryptocurrency. However, recently the companies that were applying for Bitcoin ETF, also started to apply for Ethereum[ETH]-based ETFs. through some liquidity issues while some of its personnel could have been arrested and questioned by law enforcement agents.

Chinese reporter Colin Wu posted on Twitter on August 5 that the Chinese police had detained and investigated “a large number of senior executives of offshore” crypto marketplaces for “allegedly providing fund payment and settlement services for gambling websites.”

Huobi faced a severe outflow of $64 million over the weekend, contributing to the overall decrease in total value locked (TVL) on the exchange.

Valkyrie for help

Over the last week, Valkyrie submitted a 497-form outlining their intention to transform their Bitcoin ETF into an ETF combining Bitcoin and Ether, with a projected launch date of 3 October. This timeline would put their debut two weeks ahead of the scheduled launch of the other 13 applicants.

According to Eric Balchunas, an ETF analyst at Bloomberg, there have been 14 Ethereum-based ETFs filed at press time.

The substantial influx of applicants seeking to establish Ethereum ETFs could potentially bolster a more favorable sentiment toward Ethereum. However, the past month has seen a decline in ETH’s price, with a drop to $1834.5.