Bitwise releases spot Ethereum ETF correlation analysis: very similar to the analysis results of the US SEC in the spot Bitcoin ETF approval order

Golden Finance reports that Bitwise has released a new correlation analysis as part of its new spot Ethereum ETF documentation. This is the first Ethereum correlation analysis to replicate the specific methodology used by the SEC in evaluating Bitcoin, and the results are encouraging. Over the entire sample period, the difference in hourly correlations is only 0.2%, the difference in five-minute correlations is 5%, and the difference in one-minute correlations is 8%. To replicate the specific methodology used by the U.S. SEC when evaluating Bitcoin, Bitwise’s research used the following methods: Same sample period length: ~2.5 years; Same intraday correlation intervals: 1 hour, 5 minutes, and 1 minute; ·Same market Coinbase/Kraken vs. CME; ·Same correlation statistic, Pearson correlation of log returns; ·Same three-month rolling window min/max analysis. We believe that the results show a strong correlation between the ETH spot market and the CME ETH futures market, at levels very similar to the results of the U.S. SEC’s analysis in the spot Bitcoin ETF approval order. The analysis is included in a new 19b-4 filing today by NYSE Arca, which seeks approval for the listing of Bitwise’s spot Ethereum ETF.