DTCC lists spot Ether ETF of Fidelity under ticker FETH

DTCC, an acronym for Depository Trust & Clearing Corporation, was seen listing FETH on the platform. That pertains to the Spot Ether ETF by Fidelity, briefly sparking speculation that the ETF product had finally received all necessary approvals from the US Securities & Exchange Commission – SEC. However, the case is a bit different.

DTCC, in a statement, has said that listing ETFs on the platform is a standard practice and doesn’t reflect their live trading. In other words, DTCC lists ETF products that can be and cannot be traded. In this case, Fidelity’s Ether ETF has found a space on the platform as the Commission approved its 19b-4 in the previous week. This made Fidelity one of eight applicants to have received the SEC’s approval for ETH ETF. Others on the list are Grayscale, BlackRock, and Franklin Templeton, to mention a few.

FETH was seen under the create/redeem column marked as N, signaling that it is not yet live. All Ether ETF products can go live only after the agency approves the S-1 registration forms. Until then, they are likely to be listed as N. DTCC has noted that securities go live only after they have received all the necessary approvals from regulatory authorities, adding that listings don’t indicate the potential for regulatory approvals.

Fidelity filed an S-1 form after amendments last week. BlackRock followed suit by filing the form this Wednesday.

ETH continues to rally around $3,700, with a dip of 2.30% in the last 24 hours while writing this article. The value of $3,744.69 has plummeted by 1.97% in the last 7 days but has surged by 18.19% in the last 30 days. Ether is practically testing the resistance mark of $3,700 for a potential uptick to $4,000. ETH is expected to explode at $5,000 by the end of this year.

Most of it is based on how fast Spot Ether ETF gains traction in the market. It would be the second crypto ETF to enter after Bitcoin. Spot Bitcoin ETF was approved in early January of this year. It has, since then, amassed significant inflows after initially experiencing heavy selling pressure.

It is also a major catalyst behind BTC’s rise to its current value. ETH is expected to replicate the same trend, except it could seamlessly navigate the initial phase of selling pressure. Ether is one of the two flagship cryptocurrencies in the world, with a market cap of more than $450 billion.

Upcoming ETFs to look forward to are SOL and XRP. Analysts are swinging both ways – favorable and unfavorable – for their approval. The belief for SOL is that it could be approved before ETH. That is less likely but still a possibility.

The crypto market is now waiting to buy Spot Ether ETF once the Commission approves S-1 registration forms.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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