{"id":15463,"date":"2024-07-23T17:07:15","date_gmt":"2024-07-23T14:07:15","guid":{"rendered":"https:\/\/forklog.com\/en\/ethereum-etf-trading-commences-amid-moderate-pressure-on-price\/"},"modified":"2024-07-23T17:07:15","modified_gmt":"2024-07-23T14:07:15","slug":"ethereum-etf-trading-commences-amid-moderate-pressure-on-price","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ethereum-etf-trading-commences-amid-moderate-pressure-on-price\/","title":{"rendered":"Ethereum ETF Trading Commences Amid Moderate Pressure on Price"},"content":{"rendered":"<p>On July 23, trading of spot Ethereum ETFs began. Within 20 minutes, the price of the second-largest cryptocurrency fell by 1.7% on increased volumes, nearing intraday lows.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1119.webp\" alt=\"1-1119\" class=\"wp-image-237574\"\/><figcaption class=\"wp-element-caption\">15-minute ETH\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/VOr1bq2L\/?symbol=BINANCE%3ABTCUSDT\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>In the last 24 hours, Ethereum has decreased by 1.1%, outperforming other top-10 digital assets by market capitalization, excluding stablecoins.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-839.webp\" alt=\"2-839\" class=\"wp-image-237575\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>In the first 15 minutes, the ETH-ETF turnover reached 50% of the first-day figure for bitcoin funds ($112 million).<\/p>\n<div class=\"wp-block-text-wrappers-update article_update\"><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>Trading volume exceeded $200 million.<\/p>\n<p><script async src=\"https:\/\/telegram.org\/js\/telegram-widget.js?22\" data-telegram-post=\"forklog\/38656\" data-width=\"100%\"><\/script>\n<\/div>\n<p>Micha\u00ebl van de Poppe, founder of MN Trading, described the figures as &#8220;insane.&#8221; The expert is convinced that the market has &#8220;heavily undervalued the instrument.&#8221; He believes Ethereum will show positive dynamics towards <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span> in the coming month or two.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> ETF has insane numbers.<\/p>\n<p>First 15 minutes already 50% of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>&#8216;s first day in terms of volume: $112 million. <\/p>\n<p>The Ethereum ETF launch is heavily undervalued and I expect it to trade towards an ATH in the coming 1-2 months.<\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1815749034553864247?ref_src=twsrc%5Etfw\">July 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Bloomberg analyst Eric Balchunas, the main contribution to the metric was made by Grayscale&#8217;s ETHE ($39.7 million). Other leaders include Bitwise&#8217;s ETHW ($25.5 million), BlackRock&#8217;s ETHA ($22.5 million), and Fidelity&#8217;s FETH ($15.2 million).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Here&#8217;s volume after first 15 minutes of trading. Total of $112m traded for the group (which is A TON vs a normal ETF launch but only about half of what bitcoin ETFs&#8217; volume pace was on DAY ONE, altho 50% would exceed expectations IMO). Also Bitwise outperforming early. <a href=\"https:\/\/t.co\/RoN9J1VoP1\">pic.twitter.com\/RoN9J1VoP1<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1815747485505052950?ref_src=twsrc%5Etfw\">July 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, Bitwise CIO Matt Hougan noted that pre-market demand for the instrument was much lower than during the launch of its digital gold counterpart.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Pre-market trading of ETH ETPs is significantly lighter than pre-market trading of BTC ETPs on launch day. Still, good to see trading activity in the biggest expected players pre-market.<\/p>\n<p>\u2014 Matt Hougan (@Matt_Hougan) <a href=\"https:\/\/twitter.com\/Matt_Hougan\/status\/1815727073358438659?ref_src=twsrc%5Etfw\">July 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Before trading began, issuers collectively contributed nearly $10.3 billion to the product.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Here are the starting asset levels for the Ethereum ETFs launching today. The whole complex starts trading with just shy of $10.3 billion (pretty much all from <a href=\"https:\/\/twitter.com\/search?q=%24ETHE&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETHE<\/a>&#8216;s assets) <a href=\"https:\/\/t.co\/MAfjObFX4a\">pic.twitter.com\/MAfjObFX4a<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1815739982729900195?ref_src=twsrc%5Etfw\">July 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Fees (excluding promotional offers) range from 0.15% (Grayscale&#8217;s mini-trust) to 2.5% (ETHE).<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\u26a1\ufe0f JUST IN: <a href=\"https:\/\/twitter.com\/hashtag\/Ether?src=hash&#038;ref_src=twsrc%5Etfw\">#Ether<\/a> ETFs officially begin trading in the US. <a href=\"https:\/\/t.co\/psJqVvckqU\">pic.twitter.com\/psJqVvckqU<\/a><\/p>\n<p>\u2014 Cointelegraph (@Cointelegraph) <a href=\"https:\/\/twitter.com\/Cointelegraph\/status\/1815746811249705039?ref_src=twsrc%5Etfw\">July 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Analysts at Arkham Intelligence have identified the addresses of all ETH-ETFs.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: ALL ETH ETFS NOW ON ARKHAM<\/p>\n<p>We have identified the on-chain locations of all ETH ETFs due to go live today.<\/p>\n<p>We are the first to publicly identify these addresses.<\/p>\n<p>Stay up to date with today\u2019s ETH ETF launches: <a href=\"https:\/\/t.co\/P6P7Dj6A3I\">pic.twitter.com\/P6P7Dj6A3I<\/a><\/p>\n<p>\u2014 Arkham (@ArkhamIntel) <a href=\"https:\/\/twitter.com\/ArkhamIntel\/status\/1815736346725552259?ref_src=twsrc%5Etfw\">July 23, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Previously, the Ethereum options market indicated low chances of a pullback after the launch of the exchange-traded funds.<\/p>\n<p>Earlier, Valentin Fournier from BRN predicted a price drop for the second-largest cryptocurrency to the $2800\u20133100 range following the ETF trading commencement. The expert believes that subsequently, Ethereum could rise to $4000 as the effect of fund inflows into the instruments becomes apparent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On July 23, trading of spot Ethereum ETFs began. Within 20 minutes, the price of the second-largest cryptocurrency fell by 1.7% on increased volumes, nearing intraday lows. 15-minute ETH\/USDT chart on Binance. Data: TradingView. In the last 24 hours, Ethereum has decreased by 1.1%, outperforming other top-10 digital assets by market capitalization, excluding stablecoins. Data: [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[569,46,1145],"class_list":["post-15463","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-ethereum","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15463","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=15463"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15463\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15462"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15463"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15463"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15463"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}