Markets
Monochrome to Launch ‘World First’ Ethereum ETF on Cboe Australia
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2 hours agoon
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adminMonochrome Asset Management is preparing to launch Australia’s first spot Ethereum exchange-traded fund on Cboe following the asset’s long-anticipated approval in the U.S. market.
Set to begin trading on Monday (Tuesday 10 AM AEDT), Monochrome’s Ethereum ETF (IETH) follows the launch of its Bitcoin ETF (IBTC) in August 2023, which has since garnered $15 million (US$10.1 million).
While that falls well short compared to the billions held in the U.S., the fund is positioning itself as the world’s first to offer in-kind Ethereum subscriptions and redemptions.
It’s a feature that could allow for greater tax efficiencies, CEO Jeff Yew told Decrypt in an exclusive interview.
The dual-access bare trust structure is designed to prevent a capital gains tax event, allowing long-term crypto participants to transfer Ethereum into the corresponding Monochrome ETF without triggering a change of legal and beneficial title.
“A ‘bare trust’ means that your investment in the ETF may be treated as if you directly own the Ethereum,” Yew explained.
In other words, the structure gives investors absolute entitlement to their allocated Ethereum, according to the fund’s public disclosure statement shared with Decrypt.
This means that any actions taken by the trustee are treated as actions of the investor, ensuring that no CGT event is triggered upon redemption or transfer as long as beneficial ownership remains unchanged.
This structure is what Monochrome is hoping sets its offering apart from its U.S. counterparts.
In January, the U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs. That was later followed by the approval of nine Ethereum ETFs in May, with billions of dollars flowing into the funds in the months that followed.
While the Australian market is unlikely to ever match those inflows, Monochrome is hoping to build on surging investor interest this year.
“US crypto ETFs can’t be supported in kind, including Bitcoin ETFs, and they are not operated in this timezone,” Yew said.
IETH will track the CME CF Ether-Dollar Reference Rate – Asia Pacific Variant, with a management fee of 0.50%, reduced to 0.21% for accredited advisers. That places it within the range of its U.S. competitors, offering an average of 0.20% and 0.25%.
The ETF will also be available on most Australian brokerage platforms, supporting transfers from crypto platforms, decentralized wallets, and cold wallets.
Crypto financial services firm BitGo and crypto exchange operator Gemini will provide custody services for IETH, while State Street Australia will serve as the fund administrator.
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Sui (SUI) had a strong showing last week, surging 28% from $1.75 to close at $2.24. Its most bullish moments came up during the market recovery on Oct. 11 and 12, during which it spiked 21%.
Sui dropped 5.60% on Oct. 9 despite a bullish announcement involving Circle’s USDC. Currently trading at $2.2266, SUI is now above the upper boundary of the Keltner Channel at $2.2186, which indicates potential overbought conditions.
This suggests that while the momentum is strong, a period of consolidation or a minor correction could follow this week unless strong buying pressure persists. Volume remains high, so bulls could leverage this.
Meanwhile, the Aroon Up is at 100%. In contrast, Aroon Down at 28.57% indicates a weak downtrend. However, if the Aroon Down rises this week, this may indicate growing bearish pressure. In this case, SUI could find support at $1.8286.
The Sui token was created by Mysten Labs, a blockchain infrastructure company founded by engineers who previously worked at Meta Platforms on the Diem (formerly Libra) project.
The company was co-founded by notable figures including Evan Cheng, Sam Blackshear, Avery Ching, and George Danezis, all of whom contributed to Meta’s blockchain and cryptocurrency efforts before transitioning to build Sui.
CHZ retests 4-month high
Chiliz (CHZ), a cryptocurrency that powers the Chiliz blockchain, leveraged the broader market movements last week to maintain its rounded bottom structure, as it sustained a trend of lower lows.
See below.
The altcoin closed the week with an 11.8% gain, but its most impressive performance occurred as notable spikes throughout the week. For instance, on Oct. 9, CHZ rallied to a 4-month peak of $0.0784 before facing a roadblock.
Chiliz has now recorded another 9% rally in the new week, pushing it above the upper Bollinger Band at $0.0752. A retest and bounce off this level would signal continuous strength for a sustenance of the current uptrend.
However, if the bears are able to trigger a drop below the upper Bollinger Band, investors should pay close attention to the 20-day MA ($0.0663), which currently acts as the major support above the $0.06 psychological region.
Chiliz is primarily focused on the sports and entertainment industries. It was created by entrepreneur Alexandre Dreyfus in 2018, to transform fan engagement through blockchain technology.
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If the bulls maintain the uptick, its next resistance level would come in at $0.0007335, after which it could battle the $0.00008016 resistance. Amid a recent drop, COIN must ensure it holds the crucial Pivot level at $0.0006232, as a slump below it could tilt the momentum to bearish.
The 8-Bit Coin is a cryptocurrency created as a tribute to retro gaming systems, such as the Atari 7800. It operates on the Solana blockchain and is intended for use in gaming-related applications, allowing users to earn rewards and participate in a community focused on nostalgia and gaming culture
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