Reserve

Bitcoin

/send

<div class="protos">
 <div>
  <div>
   <div>
    <p>Six eagerly-awaited exchange-traded funds (ETFs) that offer exposure to ether futures contracts got off to a less than spectacular start when they managed to attract a little under $10 million during their first week of trading.</p>
    <p>Around the same time, <a rel="noopener noreferrer nofollow" title="Ethereum" href="https://thebittimes.com/tag/ethereum.html">Ethereum</a> products in general saw outflows totaling $7.5 million.</p>
    <p>According to Reuters, the figures, collated by CoinShares, offered fresh evidence of a “malaise” affecting <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> “at a time when investors are running from risk amid economic gloom and war in Ukraine and the Middle East.”</p>
    <p>This viewpoint appears to be backed up by the fact that ether prices have dipped more than 5% this month, and <strong>the <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> market as a whole has shed somewhere in the region of $30 billion</strong>.</p>
    <p>Conversely, earlier this month, Treasury yields hit their highest level for years, hinting at a pattern of investors abandoning higher-risk assets.</p>
    <p>“The timing of the futures <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a>s could hardly be worse,” said Vetle Lunde, senior analyst at K33 Research (via Reuters).</p>
    <figure class="wp-block-embed is-type-wp-embed is-provider-protos wp-block-embed-protos">
     <div class="wp-block-embed__wrapper">
      <blockquote class="wp-embedded-content" data-secret="0SlZqhdJQD">
       Cointelegraph says Bitcoin ETF approved despite no proof
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Cointelegraph says Bitcoin ETF approved despite no proof” — Protos" src="https://protos.com/cointelegraph-says-bitcoin-etf-approved-despite-no-proof/embed/#?secret=c5YDQ6gkm2#?secret=0SlZqhdJQD" data-secret="0SlZqhdJQD" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
     </div>
    </figure>
    <p><em>Read more: Grayscale SEC win brings spot GBTC ETF approval a step closer</em></p>
    <p>While the six aforementioned ether <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a>s didn’t even manage to hit $2 million on their first day, back in October 2021, <strong>the first fund tracking Bitcoin futures —&nbsp; the ProShares Bitcoin Strategy <a rel="noopener noreferrer nofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a> — raked in $570 million</strong>.</p>
    <p>Speaking to Reuters, chief investment officer at IDX Digital Assets Ben McMillan, said his firm was “positioning investments more defensively until there was more clarity around Federal Reserve policy and the likelihood of a recession.”</p>
    <p>“Investors are battening down the hatches and looking at how to make their portfolios more defensive. <strong>Speculative assets — even with a compelling growth thesis — are just a much lower priority now</strong>,” he added.</p>
    <p><em>Quotes in bold are our emphasis.</em> <em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p>
   </div>
  </div>
 </div>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ether-etfs-fail-to-spark-interest-in-disappointing-debut-week-tbt66692.html">https://thebittimes.com/ether-etfs-fail-to-spark-interest-in-disappointing-debut-week-tbt66692.html</a></p>

Ether ETFs fail to spark interest in disappointing debut week

TheBitTimes

Other articles published on Oct 17, 2023

Bank of Canada Assesses DeFi’s Innovation and Challenges on Financial Markets

FTX customers on edge as $9B payout plan awaits approval

Fantom Foundation employee loses $7 million in exploit

EVER plunge by 20% as Everscale team says large number of tokens were stolen

Sweat Economy (SWEAT) Price Prediction 2024, 2025, 2030, 2040, and 2050

15 Million USDC Transfer from Ethereum Co-Founder to Gemini!

Join our free newsletter for daily crypto updates!