ARK Invest and 21Shares, two investment firms, submitted two new Ethereum futures ETFs to the Securities and Exchange Commission (SEC) on August 24, 2023. The ETFs, which are called the ARK 21Shares Active Ethereum Futures ETF (ARKZ) and the ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY), would invest in cash-settled Ethereum futures contracts.Subscribe nowThis is the second time that ARK Invest and 21Shares have applied for an Ethereum ETF. Their first application, which was for a spot Ethereum ETF, was rejected by the SEC in February 2023.The SEC has not yet approved any Ethereum ETFs, but there is speculation that it may be more likely to approve a futures ETF than a spot ETF. Futures ETFs are less risky than spot ETFs because they do not involve the actual purchase of Ethereum.Cathie Wood, the CEO of ARK Invest, is a well-known advocate for cryptocurrencies. She has said that she believes Ethereum has the potential to be a trillion-dollar asset.Wood's bet on sports gaming seems to be paying off. In recent months, several sports leagues have announced partnerships with blockchain companies. For example, the National Basketball Association (NBA) has partnered with Dapper Labs to create NFTs, and the National Football League (NFL) has partnered with Animoca Brands to create a blockchain game.This increased interest in sports gaming could be a boon for Ethereum. Ethereum is the underlying platform for many popular NFT projects and blockchain games. As the sports gaming industry grows, it is likely to drive demand for Ethereum.Here are some additional thoughts on the potential impact of Ethereum futures ETFs and sports gaming on the crypto market:Ethereum futures ETFs could make it easier for institutional investors to invest in Ethereum. This could lead to increased demand for Ethereum and could push prices higher.Sports gaming could also be a major driver of demand for Ethereum. As the sports gaming industry grows, it is likely to drive demand for Ethereum-based NFTs and blockchain games.However, it is important to note that the crypto market is still very volatile. Prices can fluctuate wildly, and there is no guarantee that Ethereum futures ETFs or sports gaming will have a positive impact on the price of Ethereum.Overall, the potential impact of Ethereum futures ETFs and sports gaming on the crypto market is uncertain. However, it is an important development that is worth monitoring.