NYSE Arca Files for Grayscale Ethereum Trust Conversion, Coinbase Obtains Singapore MPI License

Market Update Crypto markets rose over the weekend, with $BTC (+0.33%) trading above $28k and $ETH (-1.89%) surpassing $1,700, triggering over $92 million in short liquidations over the last 24 hours. After rallying amid Ether ETFs being greenlighted, $ETHBTC (-2.73%) is retracing some of its gains as investors may be positioning for Bitcoin ETF news as the next crypto-specific catalyst. Equity markets are mixed, with the SPY declining 0.35% while the QQQ is up 0.41%. The DXY and U.S. Treasury yields continue to climb higher, with investor attention shifting to various employment data releases set for this week. September job openings will be released tomorrow, ADP Employment on Wednesday, and non-farm payrolls on Friday. Worse-than-expected data could cause a retreat in rates and the dollar, potentially providing fuel for risk assets to rally.Grayscale Investments has announced that NYSE Arca has filed form 19b-4 with the SEC to convert the Grayscale Ethereum Trust ($ETHE) to a spot Ether ETF. Grayscale’s Ethereum Trust is the largest Ether investment product in the world, with over $5 billion in assets under management. The first futures-based Ether ETFs began trading today, so the filing comes in hopes that the SEC is softening its stance on crypto spot ETFs. It is impo