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Ark Invest Files for Spot Ether ETF, Genesis Seeks Repayment From DCG

Sep 7, 2023
Author
Tom Couture
Tom Couture AC
Market Update The DXY is continuing its rise, holding above $105, as initial jobless claims came in softer than expected (216k actual vs. 234k expected), reigniting higher-for-longer fears. Equity markets are responding negatively, with the SPX (-0.25%) falling to $4,455 and the NDQ (-0.68%) dropping to $15,250. Crypto markets are holding slightly stronger, potentially responding to Ark Invest filing for a spot Ether ETF (more below). $BTC (+0.70%) has risen to $25.9k and $ETH (+0.39%) is hovering near $1,640. Render Network ($RNDR), which offers distributed GPU services, is outperforming today, rising 5.72%. Render’s parent company OTOY is linked to Apple, and investors may be hoping for Render-related news during Apple’s event next week, where they are expected to unveil the latest iPhone model.Yesterday afternoon, Cathie Wood’s Ark Invest and 21Shares filed for a spot Ether ETF, making it the first company to apply for such a product. The application comes as many are expecting an Ether futures ETF to be approved sometime in October. Additionally, the SEC delayed a decision on multiple spot Bitcoin ETF applications last week. Ether has a similar market structure to Bitcoin, with futures and spot markets traded on the Chicago Mercantile Exchange (CME), so if the Bitc

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