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asset management firm Vaneck unveiled an initiative to earmark 10% of its profits from its ethereum (ETH) exchange-traded fund (ETF) towards protocol development for at least ten years. This financial infusion will be given to the Protocol Guild, a consortium of over 150 core Ethereum developers, fueling their quest to further refine and grow the Ethereum protocol.
A Decade-Long Commitment to Ethereum Development
Vaneck is set to contribute 10% of its ethereum futures ETF profits to the advancement of Ethereum, as revealed in a statement released on the social media platform X this past Friday. “We intend to donate 10% of our EFUT ETF profits to Protocol Guild for at least 10 years,” the firm said. “Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.”
The Protocol Guild encompasses over 150 Ethereum core developers, with an onchain registry bearing testimony to its membership. This guild is steered by the vision to “boost the incentives around stewarding the core protocol.” Vaneck accentuates that core developers have played pivotal roles in propelling crucial updates such as The Merge and Shanghai.
The firm underscored that should traditional finance (tradfi) reap benefits from the endeavors of Ethereum development, it’s only fitting that Tradefi reciprocates by giving back. “If tradfi stands to gain from the efforts of Ethereum’s core contributors, it makes sense that we also give back to their work,” Vaneck stated on X.
The digital asset fund manager added:
We urge other asset managers/ETF issuers to consider also giving back in the same way.
Vaneck’s Ethereum-centric ETF, brandishing the ticker “EFUT,” operates as a cash-settled futures fund, capitalizing on futures traded over the Chicago Mercantile Exchange (CME). Yet, it has lodged a filing for a physically-settled ether ETF, in tandem with its spot bitcoin ETF submission. Not to be outdone, Ark Invest and 21shares have also cast their bid into the ring, aiming to launch a physically settled ETH exchange-traded fund with regulatory approval.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #HotTopicDiscussion# What's next in BTC price? After a few days of difficulties, Bitcoin has recently risen above the moving averages. Currently, the bulls are working to prevent bears from pulling the price below the 20-day exponential moving average at the $26,840 level. BTC price is trading at $27,022, up over 0.5% compared to yesterday's rate. There is a rising upward trend in moving averages, and the relative strength index (RSI) shows positive signs, pointing to an upside momentum. A light resistance is expected to be at $27,500, but this resistance level can be exceeded. The BTC price could then approach the next $28,201 resistance, and if successful, it could move towards the $30,108, where a significant strife between the bulls and the bears was expected. On the other hand, the $26,000 sign is very important. Bears can gain advantage if violated. This could potentially lead the price to drop towards the strong support level of $24,845.
What's next in BTC price? After a few days of difficulties, Bitcoin has recently risen above the moving averages. Currently, the bulls are working to prevent bears from pulling the price below the 20-day exponential moving average at the $26,840 level. BTC price is trading at $27,022, up over 0.5% compared to yesterday's rate. There is a rising upward trend in moving averages, and the relative strength index (RSI) shows positive signs, pointing to an upside momentum. A light resistance is expected to be at $27,500, but this resistance level can be exceeded. The BTC price could then approach the next $28,201 resistance, and if successful, it could move towards the $30,108, where a significant strife between the bulls and the bears was expected. On the other hand, the $26,000 sign is very important. Bears can gain advantage if violated. This could potentially lead the price to drop towards the strong support level of $24,845.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Bitcoin Posts First Quarterly Decline of 2023
Bitcoin (BTC) fell to $27,000 at the end of September.
This was the cryptocurrency's first quarterly decline of the year, with its price being sensibly lower than three months ago. In July, Bitcoin hovered at about $31,000. This translates to a fall of nearly 13% over the second quarter of 2023.
Per Bloomberg data, Bitcoin surged 83% in the first two quarters of 2023, but traded in a relatively narrow range over the past few months amid an uncertain macroeconomic environment. While the Federal Reserved left interest rates unchanged at its September meeting, it signaled rates would remain high for longer to combat inflation. Higher interest rates tend to reduced the appetite for riskier assets like cryptocurriencies.
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Some investors had anticipated a spike in Bitcoin demand if the SEC approved spot Bitcoin exchange-traded funds ( ETFs), but the SEC postponed decisions on ETF proposals from BlackRock, Ark 21Shares and GlobalX until 2023.
Furthermore, some expected a potentially rally similar to March 2023 if the U.S. federal government shutdown. When several small and mid-sized U.S bank failed in March, Bitcoin jumped around 25% over one month.
With its first quarterly decline of 2023 now in the books, the price of Bitcoin faces continued uncertainty in the fourth quarter amid mixed signals on regulation and the macroeconomy. While some see signs of a potential rally ahead, Bitcoin's near-term trajectory remains unclear. #ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# 
