Monochrome Asset Management’s Ethereum ETF (IETH) is set to launch on Cboe Australia today (Tuesday, October 15), after the firm revealed last month that it was waiting citing approval to launch its latest crypto product.

In a statement confirming the launch, the firm said IETH offers Australian investors exposure to Ethereum through a direct holding ETF structure.

The launch of the Monochrome Ethereum ETF expands the range of regulated crypto asset investment options available to Australian investors.

IETH is the second Ethereum product on the market, with Global X's 21Shares Ethereum ETF (Cboe: EETH) already listed on Cboe.

Monochrome launched its Bitcoin ETF (IBTC) on Cboe in June. Its price remained relatively stable, falling from an initial $10.32 in early June to $8.95 at Friday's close.

According to recent Global X research, cCryptocurrency ETFs have continued to be the best performing ETFs over the past year, supported by a falling interest rate environment, higher investor risk appetite and strong flows into Bitcoin ETFs.

In fact, the standout performer among ETFs this year has been the Global X 21Shares Bitcoin ETF, with gains exceeding 118 percent.

Bitcoin and its ETF analogs saw a spike in popularity in 2024. following a vote of confidence from the Securities and Exchange Commission (SEC) earlier this year. Although Ethereum ETFs have also received similar support from the SEC, they have yet to achieve the same momentum.

In July, when spot Ethereum ETFs received their final approval from the SEC, the event was hailed as a "landmark event." However, subsequent price declines suggest that this asset may have fallen out of favor.

On July 23, the day of the SEC approval, Ethereum was trading at around US$3,478, but is now hovering around US$2,444.98.

Last month, Magnet Capital's Ben Selermeier told InvestorDaily that the current macroeconomic uncertainty and unclear regulatory conditions surrounding Ethereum have left many investors in a holding pattern. "Investors may just be waiting for clarity," he said.

He added that as we approach the end of 2024. the situation is likely to improve, especially with the expected rate cuts in the US and the upcoming elections, which may bring more stability to the market.