As a seasoned crypto investor with several years of experience under my belt, I find the recent debut of Ethereum ETFs to be an exciting development in the cryptocurrency world. The fact that the combined trading volume for these new funds surpassed $1 billion in just 24 hours is truly remarkable.
Within a day of being given the green light, a new Ethereum-based exchange-traded fund (ETF) has achieved a trading volume of one billion dollars.
In spite of the recent surge in Ethereum ETF trading activity, the value of Ethereum itself has remained fairly constant, hovering around $3,465. This represents a minimal 0.50% rise compared to the previous 24 hours. The fact that Ethereum’s price has not been significantly affected by this ETF launch suggests that investor enthusiasm for Ethereum-linked financial products is growing, but it hasn’t yet had a substantial impact on Ethereum’s market value.
Based on Yahoo Finance’s data, the Grayscale Ethereum Trust (ETHE) saw the largest volume of trading transactions valued at approximately $461 million. The BlackRock iShares Ether Trust (ETHA) came in second place with around $244.7 million worth of trades, and Fidelity’s Ethereum Fund (FETH) ranked third with approximately $138.5 million in trading activity.
As an analyst, I’ve observed noticeable trading activity across various Ethereum funds. Bitwise’s Ethereum Fund (ETHW) almost hit the $100 million mark, while VanEck’s fund recorded approximately $45 million in trades. Grayscale’s mini ETH ETF (ETH) handled a substantial volume of $63.8 million in trades. Smaller players like Franklin Templeton, Invesco, and 21 Shares experienced less trading activity, with volumes ranging between $8.6 million and $15.9 million.
Additionally, James Seyffart, an ETF analyst at Bloomberg, forecasted that these funds could potentially raise anywhere from $125 million to $325 million during their launch day. The exact amounts hinged on the number of investors each firm had prepared in advance, but specific data regarding inflows and outflows for each fund has yet to be revealed.
The Ethereum ETFs had a successful launch, but they fell short of the significant $4.5 billion in trading volume experienced during Bitcoin‘s debut in January. This disparity was expected by experts due to Ethereum’s smaller market capitalization compared to Bitcoin.
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2024-07-24 02:44