Top investment asset management firm 21Shares has taken a bold step towards closing two of its active exchange-traded funds (ETFs). The asset manager decided that both funds were no longer aligned with market conditions and customer demand. At the same time, 21Shares intends to continue to focus on providing cryptocurrency investment products in the United States. Timeline For 21Shares ETF Closure The firm announced that the liquidation of the two Bitcoin-Ethereum futures ETFs, the ARK 21Shares Active Bitcoin Ethereum Strategy ETF and the ARK 21Shares Active On-Chain Bitcoin Strategy ETF, will happen on March 28. Both funds are part of those listed on the Chicago Board Options Exchange (Cboe) BZX. Per the announcement, these Funds will no longer be effective by March 27. Once the date for the closure of the ETFs comes, investors who are still in possession of the shares will receive cash payments. This reimbursement will be based on the net asset value (NAV) at liquidation. ARKY and ARKC ETFs have recorded negative Year-to-date (YTD) returns, with ARKY down by 25.15% and ARKC down over 16.05%. Details on ARKY And ARKC A shift in 21Shares’ product strategy prompted the firm to make this delisting move. Ordinarily, ARKY invests in future contracts with BTC and ETH. It is designed to outperform these two leading crypto assets over the market cycle. Unfortunately, its current YTD return suggests otherwise. There is ARKC, which focuses on investing in future Bitcoin contracts and cash equivalents. Although their Ethereum ETF partnership was dissolved a while ago, this move would not impact 21Shares’ work relationship with Cathie Wood ARK Invest. 21Shares and many other asset managers are still eyeing spot XRP ETF approval from the SEC. Market Performance of Bitcoin and Ethereum Meanwhile, Bitcoin and Ethereum’s market performance these past few days has been quite impressive. CoinMarketCap data shows that BTC is currently at $84,336.83 while ETH is at $1,936.51. The price of ETH corresponds to a 0.93% increase, while BTC is still on the red line. Regarding trading volume, ETH is 46.5% down from its level 24 hours ago. Bitcoin’s trading volume is also down 44.82%, resting at $17.34 billion. This outlook suggests possible price consolidation soon. The post 21Shares To Close Two Bitcoin and Ethereum Futures ETFs appeared first on TheCoinrise.com .