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Crypto traders fret an overheated futures market amid fall in spot prices

The cryptocurrency market has shed billions of dollars in aggregate market cap amid a macro-driven rout, but traders are worried that an overheated futures market suggests that prices could fall further. The total market capitalization fell from a high Wednesday above $2.2 trillion to a low of $2.02 trillion early Thursday morning, with bitcoin falling more than 7% and ether sinking more than 12%. These moves were potentially driven by broader macro forces, specifically The Federal Reserve’s indication that it …

Kelly ETFs files for Ether futures ETF

Kelly ETFs, an issuer of exchange-traded funds (ETFs), has filed for a U.S. Ether futures ETF. The firm filed a Form N-1A dated today with the Securities and Exchange Commission (SEC). The N1-A is used by investment companies seeking to form open-end mutual funds, and registers a product under both the Securities Act of 1933 and the Investment Company Act of 1940. SEC Chair Gary Gensler previously said he was interested in taking a closer look at proposed crypto products …