{"id":15477,"date":"2024-07-24T10:24:59","date_gmt":"2024-07-24T07:24:59","guid":{"rendered":"https:\/\/forklog.com\/en\/ethereum-spot-etfs-debut-with-1-billion-trading-volume\/"},"modified":"2024-07-24T10:24:59","modified_gmt":"2024-07-24T07:24:59","slug":"ethereum-spot-etfs-debut-with-1-billion-trading-volume","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ethereum-spot-etfs-debut-with-1-billion-trading-volume\/","title":{"rendered":"Ethereum Spot ETFs Debut with $1 Billion Trading Volume"},"content":{"rendered":"<p>Ethereum-based spot exchange-traded funds (ETFs) concluded their first day of trading with a volume of approximately $1.08 billion\u201423% of the figure recorded by bitcoin ETFs on their debut day, according to Bloomberg analyst Eric Balchunas.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">DAY ONE in the books for Eth ETFs who did $1b in total volume, which is 23% of what the spot bitcoin ETFs on their first Day and <a href=\"https:\/\/twitter.com\/search?q=%24ETHA&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETHA<\/a> did 25% of <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$IBIT<\/a>&#8216;s volume. The gap between <a href=\"https:\/\/twitter.com\/search?q=%24ETHE&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETHE<\/a> and The Newborn Eight is a healthy +$625m (a sizable chunk of which *should* convert to inflow <a href=\"https:\/\/t.co\/jaP4dKLrOs\">pic.twitter.com\/jaP4dKLrOs<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1815848912185377005?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>Preliminary data from the expert indicates that on July 23, the highest volumes were recorded by Grayscale Ethereum Trust (ETHE) and BlackRock iShares Ethereum Trust (ETHA) at $458 million and $248.7 million, respectively.<\/p>\n<p>Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) rounded out the top four with $137.2 million and $94.3 million, while the product from 21Shares (CETH) did not surpass the $10 million mark.<\/p>\n<p>Balchunas noted that the difference between ETHE and the &#8220;Newborn Eight&#8221; is $625 million, a significant portion of which is likely to convert into inflows.<\/p>\n<p>Another Bloomberg analyst, James Seyffart, anticipated that the products would attract between $125 million and $325 million on the first day, depending on the number of interested investors.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">First day of the ETHness stakes done. The group&#8217;s volume was just shy of $1.1 billion. My *prediction* on flows for the day is anywhere from $125 million to $325 million but will depend on how many investors these firms had lined up. We&#8217;ll know some official flows in a few hours <a href=\"https:\/\/t.co\/p6Wjty8VyY\">https:\/\/t.co\/p6Wjty8VyY<\/a> <a href=\"https:\/\/t.co\/1gYYrU1CW1\">pic.twitter.com\/1gYYrU1CW1<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1815849216012333400?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 <a href=\"https:\/\/sosovalue.xyz\/assets\/etf\/us-eth-spot\">SoSoValue<\/a>, the net inflow from the first day of trading spot ETH-ETFs amounted to $106.7 million.<\/p>\n<p>All funds recorded positive dynamics except for Grayscale&#8217;s ETHE (-$484 million). The largest sum of $266.5 million was attracted by BlackRock&#8217;s ETHA.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXfcW6dfgGd8Zv9kgEzw0QGpK8zkg1SiZQzXmqTnKeAUlJihWmcnJbHDMefkkCZB0jZ8s38wkUMhFWpGXEWyGk-Lns_-9Xz_D_thjyq9V_Mck3UncD3EKZP7bRqvnlNsh9e8aYowrTc0FvjNvq9efr0DddHD?key=ljnAgkOLxq2YDylDM9iksw\" alt=\"Ethereum Spot ETFs debut with $1 billion trading volume\"\/><figcaption class=\"wp-element-caption\">Ethereum Spot ETF figures. Data: SoSoValue.<\/figcaption><\/figure>\n<p>The total assets under management by ETF issuers amount to approximately $10.24 billion.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">July 24, 2024 | 16:32<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>Following the launch of spot Ethereum funds, instruments based on the first cryptocurrency recorded an outflow of $77.8 million for the first time in the last 12 trading days. This was noted by trader and Coen+ channel author <a href=\"https:\/\/t.me\/cohnplus\/1572\">Vladimir Coen<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;As a result, bitcoin fell yesterday from $68,000 to $65,500. There is buyer interest below $66,000. However, the dollar index is rising again, and futures on stock indices are in the &#8216;red zone&#8217; today,&#8221; he noted.<\/p>\n<\/blockquote>\n<p>If the situation during the US trading session does not improve and ETF inflows do not recover, digital gold risks falling to the support range of $64,500-66,000, Coen believes.<\/p>\n<\/div>\n<p>The launch of these instruments had little impact on Ethereum&#8217;s price. At the time of writing, the asset is trading at $3450, having decreased by 1.8% over the day, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethereum\">CoinGecko<\/a>.<\/p>\n<p>The ETH options market indicated low chances of a pullback following the ETF launch.<\/p>\n<p>Earlier, analysts at QCP Capital considered the market&#8217;s reaction to the launch of Ethereum-based ETFs as &#8220;muted.&#8221; <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum-based spot exchange-traded funds (ETFs) concluded their first day of trading with a volume of approximately $1.08 billion\u201423% of the figure recorded by bitcoin ETFs on their debut day, according to Bloomberg analyst Eric Balchunas. DAY ONE in the books for Eth ETFs who did $1b in total volume, which is 23% of what the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15476,"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],"class_list":["post-15477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-etf","tag-ethereum"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15477","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=15477"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/15477\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/15476"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=15477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=15477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=15477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}