As a seasoned researcher with a deep understanding of the digital asset space, I find Bitwise Asset Management’s recent debut of its Ethereum exchange-traded fund (ETF) to be an intriguing development. Having closely followed the industry for years, I’ve witnessed the ebb and flow of various attempts to bring Ethereum ETFs to market, each with its unique set of challenges.
Bitwise Asset Management launched its new Ethereum exchange-traded fund (ETF), “ETHW – Bitwise Ethereum ETF,” at the New York Stock Exchange on Thursday, drawing attention with a noticeable banner. The banner, displayed prominently along Wall Street, was showcased in a video posted by Teddy Fusaro, Bitwise’s president.
On its debut day, the Bitwise Ethereum Classic (ETHW) ETF saw remarkable success, drawing in an impressive $204 million in net inflows. This positive trend persisted, with additional investments of $29.6 million on Wednesday and $16.3 million on Thursday, as per SosoValue’s data.
Noted commentary from Balaji Srinivasan, former CTO of Coinbase: The SEC’s response to X was significant, as Srinivasan implied that Ethereum has emerged as a stronger regulatory force, setting a new norm for market entry.
As an analyst, I’ve observed that U.S. Ether exchange-traded funds (ETFs) experienced a tough beginning last Thursday with approximately $152.3 million in net redemptions. However, Bitwise’s positive performance during this period highlights the increasing enthusiasm and faith in Ethereum-centric financial instruments.
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2024-07-26 16:20