Ophelia Snyder, the co-founder and president of 21Shares, said that spot Bitcoin ETFs did really well in an interview with Bloomberg on Jan. Rewrite this passage using simpler language.
21Shares and Ark Invest are working together to create a Bitcoin investment fund that has been approved by the U. S government The Securities and Exchange Commission (SEC) on January. Rewrite this text in simple words: 10. Make the text easier to understand.
Snyder talked about those approvals, he said:
“At the end of the day, these plans look very hopeful. ” It’s one of the best new investment funds ever. We have received more than $600 million in assets in our product in the last few weeks.
Snyder said that this trend is really great because it comes from many different sources. She recommended that the new products include advisors in the crypto community, and that this trend will change the ecosystem in the future.
Bloomberg also found that there was $1 billion of money going into all the spot Bitcoin ETFs. When asked if the number is low considering all the excitement before approval, Synder said it’s still early. She mentioned that it will take time for ETFs to be added to more platforms and become available to more advisors, and the whole process takes about three months.
Snyder talks about the likelihood of ETH ETF getting approval
Snyder also talked about the upcoming Ethereum ETF applications. She said the money will probably be approved soon.
“I find it difficult to say right now. It will depend on how the reasons for supporting a Bitcoin product apply to Ethereum and how developed the market for that is.”
Synder also said that 21Shares is positive about having Ethereum ETFs available soon and is excited to talk to regulators about it.
Other sources also can’t agree on the chances of approval. Bloomberg expert James Seyffart thinks there’s a 60% chance that it will be approved in May, and a JP Morgan member thinks there’s a 50% chance of approval in May.
Standard Chartered Bank thinks it’s likely that the approval will happen in May, but TD Cowen thinks it’s unlikely that the approval will happen at any time in 2024.