According to TechFlow, Bitwise has released a new correlation analysis as part of its new spot Ethereum ETF filing. The analysis replicates the specific methodology used by the U.S. Securities and Exchange Commission in evaluating Bitcoin.
The correlation values differed by only 0.2% for the entire sample period for hourly correlations, by no more than 5% for five-minute correlations, and by up to 8% for one-minute correlations.
The results show a strong correlation between the ETH spot market and the CME ETH futures market, at a level that is basically similar to the results of the U.S. Securities and Exchange Commission’s (SEC) analysis of the spot Bitcoin ETF approval order. The analysis is included in a new 19b-4 filed today by NYSE Arca seeking approval to list Bitwise’s spot Ethereum ETF.
