Ethereum

Strong

Zero

<p>Bitwise Asset Management started trading its spot <a href="http://Bitwise Unveils Ethereum ETF with NYSE Banner Display">Ethereum</a> ETF, ETHW, in the U.S., paving the way for the firm’s entry into the American market. The asset management advertised the ETF on the New York Stock Exchange and therefore holds high expectations for Ethereum.</p> 
<h2 class="wp-block-heading" id="h-bitwise-ethereum-etf-launches-with-strong-inflows"><strong>Bitwise Ethereum ETF Launches with Strong Inflows</strong></h2> 
<p>Bitwise introduced the Ethereum ETF on the NYSE, which got a lot of attention from the public. The promotional banner used read ETHW, Bitwise Ethereum ETF, and was accompanied by a lot of investment at the beginning. The ETF launched on 4th October and, on the first trading day, managed to attract an inflow of $204 million.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">The flag of ETH is raised over Wall Street.<br><br>And the SEC surrenders to a more powerful regulator.<br><br>Because it is Ethereum that now provides standardized market access to all Internet participants.<br><br>The network defeats the state.<a href="https://t.co/7nlQCxXvWz">pic.twitter.com/7nlQCxXvWz</a></p>— Balaji (@balajis) <a href="https://twitter.com/balajis/status/1816695480014741752?ref_src=twsrc%5Etfw">July 26, 2024</a>
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<p>Further interest from investors was observed. The fund raised $29.6 million on the second day and $16.3 million on the third. These figures show that more and more investors have confidence and interest in this new financial instrument. Teddy Fusaro, the president of Bitwise, expressed his happiness with the strong initial response and noted that the market received it well.</p> 
<h2 class="wp-block-heading" id="h-bitwise-offers-zero-fee-on-ethereum-etf"><strong>Bitwise Offers Zero Fee on Ethereum ETF</strong></h2> 
<p>However, the overall North American market for spot Ether ETFs has been rather volatile, even with the success of the Bitwise ETF. </p> 
<p>On the third trading day, the cumulative net redemptions from nine U.S. spot Ether ETFs stood at $152.3m. This instability only shows that the cryptocurrency market is highly volatile.</p> 
<p>Bitwise has established a management fee of 0.20% for the Ethereum ETF, and will charge no fee on the first $500 million in assets for the first six months. This competitive strategy is to solicit investors from as many sources as possible. </p> 
<p>Moreover, the firm has agreed to increase transparency by releasing the Ethereum addresses of ETHW’s assets so that investors can double-check the fund’s position on the blockchain.</p> 
<h2 class="wp-block-heading" id="h-ethereum-etf-marks-historic-nyse-moment"><strong>Ethereum ETF Marks Historic NYSE Moment</strong></h2> 
<p>Bitwise has recently released an Ethereum ETF and is committed to the Ethereum environment. The company will donate 10% of ETHW’s profits to the open-source development within the Ethereum project. This initiative will most probably enhance the collaboration between Bitwise and the Ethereum community.</p> 
<p>Nate Geraci, the president of The ETF Institute, added that the event was momentous.</p> 
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 <p>”The word ‘Ethereum’ hanging from the 120-year-old New York Stock Exchange building might end up in the history books,” he said. </p> 
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<p>This sentiment best describes ETF as a product that stands between traditional mutual funds and newer investment products.</p> 
<p><br>The introduction of this Ethereum ETF by Bitwise is a clear declaration of Ethereum’s role in the evolution of the financial industry. With this, Bitwise wants to give investors direct access to Ethereum and also promote other investment segments such as stablecoins, NFTs, DeFi, and tokenization. This step reflects the firm’s belief in Ethereum’s continuing relevance and future.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/07/26/bitwise-unveils-ethereum-etf-with-nyse-banner-display/">Bitwise Unveils Ethereum ETF with NYSE Banner Display</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Bitwise Unveils Ethereum ETF with NYSE Banner Display

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