Franklin Templeton, one of the largest asset management companies in the world, applied to the SEC for a Spot Ethereum ETF and joined 8 asset management companies that want to issue this investment fund.
Franklin Templeton has made its application after completing its preparations to take its place in the spot Ethereum ETF market, which is expected to be approved soon. Thus, it joined 8 other companies that started offering a spot Bitcoin ETF product in January.
In the details of the asset management company's application, Coinbase Custody was determined as the organization that will provide custody services for ETH. Bank of New York Mellon will audit the cash assets. If the SEC approves, the company's spot ETH ETFs will be traded on the Cboe BZX exchange.
May stands out for spot Ethereum ETF approval
Currently, the leading asset management companies that want to offer a spot Ethereum ETF product are BlackRock, Fidelity, Grayscale, Ark Invest and 21Shares. Ark Invest and 21Shares, which want to offer a joint investment fund between these companies, recently updated their ETF applications and added a new staking feature and cash redemption facility to their application. Franklin Templeton's application appeared to have similar features.
On the other hand, the SEC postponed decisions on Ethereum ETF applications last month, which included Grayscale Investments, Fidelity, BlackRock and Invesco Galaxy. Market experts think that it is highly likely that the Spot Ethereum ETF will be approved in May.
Franklin Templeton's spot Ethereum ETF application was received positively in the Ethereum market. Among the cryptocurrencies that rose during US trading hours yesterday, Ethereum outperformed Bitcoin due to additional positive developments and started to test last month's peak area, rising up to $ 2,650 with a value increase of 6%.
Bullish perception is increasing in Ethereum
While all eyes in the crypto market are on Bitcoin, which has stepped into the $50,000 region, the highest value of the last 2 years, Ethereum continues on its way with firm steps. Although the largest altcoin is lagging behind in the recovery momentum, it has some signals that could rise much faster if the market enters a bull cycle.
Although Ethereum rose to $2,700 last month, its last level in May 2022, it could not continue its trend and retreated to $2,100. As February entered, Ethereum turned its direction upward again, this time giving a stronger image to continue its trend.
Some market commentators think that after Bitcoin reached its highest value in 2 years, Ethereum has some fundamentals to show similar performance. Among these, Spot Ethereum ETF approval comes first. On the other hand, the fact that the amount of staking in the Ethereum network exceeds 25% of the circulating supply is seen as an important factor for the increase in value.
In addition, layer-2 transaction fees are expected to drop significantly after the update to the Ethereum network, which is expected to take place in March. This can be considered as another factor that will trigger an increase in demand for the network.
When these developments specific to Ethereum are combined with the view that the increase in demand for risky markets will accelerate with the Fed starting its interest rate reduction cycle, it can be said that an upward perception currently prevails in the market.
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