The Ethereum ETF application turmoil continues, but will they be approved?

This article briefly:

ProShares has increased the number of Ethereum ETF applications, but approval prospects remain slim.

ProShares' recent application for an Ethereum ETF is the fourth, bringing the total number of applications to 11.

· Ethereum prices have weakened this week, down 2% since Monday, with the asset value dropping to $1,832.

ProShares has added one more Ethereum exchange-traded fund (ETF) applications are on the rise. However, experts say they have little chance of being approved by the SEC.

On August 3, ProShares added a Bitcoin and Ether Equal Weight Strategy ETF to the latest wave of Ethereum ETF applications.

11 Ethereum ETFs have been filed

According to Bloomberg Intelligence analyst James Seyffart, this is ProShares' fourth ethereum futures ETF. Additionally, this brings the number of Ethereum exchange-traded product applications to 11, he said on Aug. 4.

Bitwise submitted an application for an equal-weight strategy ETF for Bitcoin and Ethereum on August 3. Meanwhile, ProShares and Direxion both filed applications for additional ETFs on Aug. 3.

On Aug. 4, ETF Store President Nate Geraci stated that he expects demand for ETH futures ETFs to be fairly limited in general, before adding:

“BTC futures ETFs are under $1.5B in AUM, most of which were generated in the first few days after launch. In my opinion, the BTC + ETH futures ETF combo is probably the best path to success right now.”

"Ultimately, investors want spot ETFs that actually trade," he concluded.

Analyst Commentary and ETH Price Outlook

Commenting on this week's wave of applications, Seyffart said, "My base case is that these will be withdrawn by the end of next week."

Those companies, he added, "could have had these ready on the shelf and just had to resubmit."

Those companies may see the cost of filing an off-the-shelf application and withdrawing it as minimal, he said. Especially when compared to the cost of being days or weeks behind the competition when a similar product is first launched.

And speculated, "I'd say there's a 75 percent chance these things were pulled on a gut feeling."

Earlier this week, litigation analyst Elliott Stein said in an interview:

“Should the SEC lose its case against Grayscale, as we anticipate, the path of least resistance would be to approve all spot bitcoin ETF applicants simultaneously, including Grayscale and the eight other active applications.”

Ethereum prices have weakened this week, down 2 percent since Monday. As of writing, the asset is down slightly on the day at $1,832.

ETH price (1-week market). Source: BeInCrypto

ETH is down 5.5% over the past month, but has been range-bound since mid-March.