In a recent interview with Bloomberg Television, John Wu, the president of Ava Labs, the team behind Avalanche (AVAX) blockchain, expressed optimism about Ethereum (ETH)-based exchange-traded funds (ETFs). Wu believes that Ethereum ETFs will eventually find success in the competitive decentralized finance (DeFi) sector.
“I don’t think anyone anticipated the success of Ethereum ETFs compared to Bitcoin ETFs. Ethereum faces more competition in the market, but its utility and use cases set it apart. With the increasing supply and steady transactions, Ethereum is still in a strong position to attract more participants to the space.”
Wu also highlighted macroeconomic trends that contribute to his positive outlook on the digital assets industry.
“The macro level factors, such as central banks lowering rates, play a significant role in driving adoption of digital assets. The approval of Ethereum and Bitcoin ETFs by the SEC and the access provided by institutions like Morgan Stanley are positive developments. The growth in network adoption is also a key factor that propels the industry forward.”
Earlier this year, the U.S. Securities and Exchange Commission (SEC) approved ETH-based ETFs, allowing investors to gain exposure to Ethereum without directly purchasing the asset. Ethereum is currently trading at $2,468, reflecting a 3.3% decrease in the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3
