Will ETH Price Hit $4500 As Monochrome Plan To Launch Ethereum ETF?

Monochrome has officially applied to list a new Ethereum ETF on Cboe Australia, which could enhance the country’s crypto landscape. Named IETH, this proposed exchange-traded fund seeks to provide retail investors with a regulated pathway to invest in Ethereum, the second-largest crypto by market capitalization.

Monochrome Files for Ethereum ETF Listing in Australia

In a recent submission, Monochrome Asset Management has filed an application with Cboe Australia to launch an Ethereum ETF, which will be listed under the ticker IETH. This initiative, pursued in partnership with Vasco Trustees Limited, aims to provide Australian investors with a formalized vehicle for engaging with Ethereum. 

The fund plans to track Ethereum directly, mirroring its market movements and providing a straightforward option for investor participation.

Additionally, the IETH ETF represents an essential expansion in the suite of regulated investment products focusing on cryptocurrencies within Australia. This offering follows the successful launch of Monochrome Bitcoin ETF, which has gathered traction since its debut. 

In June, Monochrome Bitcoin ETF was added to the Commonwealth Bank of Australia’s expanded ETF lineup, highlighting its growing acceptance.

Regulatory Framework and Investor Access

Monochrome Ethereum ETF will function under a dual-access model, permitting cash and in-kind transactions. This design is intended to simplify the process for investors to engage with the fund.

Upon approval, the IETH fund will be accessible through major Australian brokerage platforms, widening its reach across retail investors. The accessibility will promote the adoption and integration of crypto investment strategies within traditional portfolios.

ETH Price Market Impact and Future Outlook

The introduction of the IETH Ethereum ETF comes at a pivotal time when global interest in crypto funds are fluctuating. While the U.S. market has seen some caution with spot Bitcoin and Ethereum ETFs experiencing outflows, Australia’s regulatory environment may offer a more stable foundation for growth.

Following the developments in Ether ETFs, ETH price has shown resilience. Coingape analysis predicts that if Bitcoin reaches $100K, as suggested by its current bullish patterns, Ethereum could rally to highs between $4,500 and $5,000. 

The current ETH price stands at $2,392.58, with a market capitalization of $287.863 billion. The crypto has seen a 24-hour trading volume of $13.746 billion, reflecting robust market activity.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience. He has worked extensively with various media outlets on cryptocurrency trends and technologies. When he’s not analyzing the latest crypto developments, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.