Ethereum

Source

Billion

<p>The post <a href="https://coinpedia.org/news/ethereum-etfs-debut-with-record-1-billion-trading-volume/" rel="noopener noreferrer nofollow">Ethereum ETFs Debut with Record $1 Billion Trading Volume</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Ethereum ETFs made a remarkable debut today, marking a significant milestone for digital assets in traditional financial markets. The launch saw nine different spot Ethereum exchange-traded funds (ETFs) from eight issuers begin trading on U.S. exchanges. This event turned the usually calm ETF trading landscape into a bustling marketplace.</p>
<h2 class="wp-block-heading" id="h-impressive-start-for-ethereum-etfs">Impressive Start for Ethereum ETFs</h2>
<p>The excitement began right from the opening bell. Within the first 15 minutes, Ethereum ETFs amassed $112 million in trading volume. By the 90-minute mark, this figure had surged to $361 million. Bloomberg senior ETF analyst Eric Balchunas shared these figures, noting that this initial volume placed the new Ethereum ETFs among the top 1% of all ETFs, on par with well-established funds like TLT and EEM.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><a href="https://x.com/EricBalchunas/status/1815848912185377005" rel="noopener noreferrer nofollow"><img decoding="async" width="602" height="634" src="https://image.coinpedia.org/wp-content/uploads/2024/07/24022432/Eric-tweet-about-ETH-ETF.png" alt="Eric tweet about day 1 ETH ETF data" class="wp-image-330406" srcset="https://image.coinpedia.org/wp-content/uploads/2024/07/24022432/Eric-tweet-about-ETH-ETF.png 602w, https://image.coinpedia.org/wp-content/uploads/2024/07/24022432/Eric-tweet-about-ETH-ETF-285x300.png 285w, https://image.coinpedia.org/wp-content/uploads/2024/07/24022432/Eric-tweet-about-ETH-ETF-150x158.png 150w" sizes="(max-width: 602px) 100vw, 602px"></a>
  <figcaption class="wp-element-caption">
   Source : X.com(Formerly Twitter)
  </figcaption>
 </figure>
</div>
<p>Leading the pack, Grayscale’s ETHE reported the highest volume at $458 million, followed by BlackRock’s ETHA with $248.7 million, and Fidelity’s FETH’s at $137.3 million. Bitwise’s ETHW also saw significant activity, recording $94.3 million in volume. Other contributors included Grayscale’s ETH with $63.8 million, VanEck’s ETHV with $44.3 million, Franklin Templeton’s EZET with $15.9 million, Invesco’s QETH with $12 million, and 21Shares’ CETH with $5.6 million. All of them combined to generate a total of $1083.4 M.</p>
<h2 class="wp-block-heading" id="h-midday-momentum-builds">Midday Momentum Builds</h2>
<p>By midday, the trading volume continued to climb. At 12:30 p.m. ET, the cumulative volume had reached nearly $600 million. Grayscale’s ETHE remained in the lead with $250 million in shares traded, followed by BlackRock’s ETHA at $130 million. Fidelity’s Advantage Ether ETF recorded $77 million, and Bitwise’s Ethereum ETF had seen $66 million in volume.</p>
<p>Bloomberg Intelligence senior ETF analyst Eric Balchunas pointed out that much of Grayscale’s volume was likely due to outflows. Despite this, the pace of trading suggested that the newly launched ETFs were on track to reach approximately $940 million by the end of the day. Analysts had predicted that the demand for Ethereum ETFs would be about 20% of that seen for Bitcoin ETFs, due to factors such as lower name recognition and the inability to stake Ethereum when buying shares of the funds.</p>
<h2 class="wp-block-heading" id="h-record-breaking-end-to-the-day">Record-Breaking End to the Day</h2>
<p>As the trading day progressed, the momentum continued to build. By 3 p.m. EST, the total trading volume had surged to over $1.019 billion. Grayscale’s ETHE led the way with $456 million, accounting for nearly half of the total volume. BlackRock’s ETHA followed with 24% ($240 million), and Fidelity’s FETH captured 13% ($136 million).</p>
<p>James Seyffart from Bloomberg Intelligence highlighted that the volume correlated with $655 million in inflows by that time. This impressive performance reflects the growing interest in Ethereum-based investment vehicles and their potential to attract significant capital.</p>
<h2 class="wp-block-heading" id="h-industry-reactions">Industry Reactions</h2>
<p>Nate Geraci, president of The ETF Store, expressed optimism about the future of Ethereum ETFs, stating, “I’m not expecting the same frenzy as with Bitcoin ETFs, but if Ethereum ETFs pull in 20-25% of Bitcoin ETFs’ assets, that would be a highly successful result.” His sentiment was echoed by Markus Thielen, founder of 10x Research, who noted that Ethereum’s lower funding rate might impact institutional interest. However, the strong initial volumes indicate a robust demand for these new financial products.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full is-resized"><a href="https://x.com/NateGeraci/status/1815770506563596782" target="_blank" rel="noopener noreferrer nofollow"><img decoding="async" width="594" height="594" src="https://image.coinpedia.org/wp-content/uploads/2024/07/24023032/Nate-about-eth-etf.png" alt="Nate about ETH etf" class="wp-image-330407" style="width: 100%;height:auto" srcset="https://image.coinpedia.org/wp-content/uploads/2024/07/24023032/Nate-about-eth-etf.png 594w, https://image.coinpedia.org/wp-content/uploads/2024/07/24023032/Nate-about-eth-etf-300x300.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/07/24023032/Nate-about-eth-etf-150x150.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/07/24023032/Nate-about-eth-etf-65x65.png 65w, https://image.coinpedia.org/wp-content/uploads/2024/07/24023032/Nate-about-eth-etf-96x96.png 96w" sizes="(max-width: 594px) 100vw, 594px"></a>
  <figcaption class="wp-element-caption">
   Source : X.com(Formerly Twitter)
  </figcaption>
 </figure>
</div>
<h2 class="wp-block-heading" id="h-conclusion">Conclusion</h2>
<p>The debut of Ethereum ETFs has set a new benchmark in the crypto market, demonstrating significant investor interest and strong trading volumes. This launch not only boosts Ethereum’s visibility but also signals a growing acceptance of digital assets in mainstream finance. As the market continues to evolve, Ethereum ETFs are poised to <a href="https://coinpedia.org/price-analysis/crypto-market-news-today-impact-of-eth-etf-launch-on-ethereum-altcoins/" rel="noopener noreferrer nofollow">play a crucial role</a> in the broader adoption of cryptocurrencies.</p>

Ethereum ETFs Debut with Record $1 Billion Trading Volume

Table of Contents

CoinPedia News

Muita 23. heinäk. 2024 julkaistuja artikkeleja

Bitcoin Price Prediction: Warning Signals Point to Potential Drop to $60K; Turning Resistance int...

ENS Emerges as Top Crypto Gainer Despite Market Calm

MoonBag Presale Defies Gravitation to Take Off as AAVE Set to Launch on Aptos Mainnet

Rollblock On The Rise As Thousands More Register For Best New Crypto Presale Of 2024: Layer 2 Sou...

Woo Evaluates Bitcoin Market Indicators

Ethereum ETF anticipation spurs market buzz, ETH climbs to $3,499

Join our free newsletter for daily crypto updates!