Ethereum

Bitcoin

The recent launch of Ether spot Exchange-traded funds (ETFs) is a moment of celebration for the crypto community. These products have generated around $1.08 billion in cumulative trading volume on their first day. This impressive figure, though about 23% of what spot Bitcoin ETFs saw on their first day, signals a promising future for Ether ETFs. 
<h2 id="span-style-font-weight-400-big-trading-volumes-for-ether-etfs-span">Big Trading Volumes for Ether ETFs</h2> 
The converted Grayscale Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA) led the pack with big volumes. ETHE recorded $458 million, while ETHA saw $248.7 million in trading, according to preliminary <a href="https://x.com/EricBalchunas/status/1815848912185377005">data</a> from Bloomberg ETF analyst Eric Balchunas.&nbsp; 
Following them were the Fidelity Ethereum Fund (FETH) with $137.2 million and the Bitwise Ethereum ETF (ETHW) with $94.3 million. However, the 21Shares-issued spot Ether ETF attracted less than $10 million in trading volumes. 
Calculating closely, the&nbsp; “Newborn Eight” products, excluding ETHE attracted $625 million in volume. Balchunas finds this “healthy” and expects a major portion of this volume to convert to inflows. 
<h2 id="span-style-font-weight-400-106-6m-in-net-inflows-span">$106.6M in Net Inflows</h2> 
As per the latest <a href="https://farside.co.uk/?p=1518">data</a>, these investment products have recorded a net inflow of $106.6 million on their launch day. This figure was recorded even amid the Grayscale’s ETHE massive outflows of $484.9 million. In particular, BlackRock’s ETHA posted $266.5 million while Bitwise’s ETHW brought $204 million in net inflows. Fidelity’s FETH came in third with $71.3 million. 
The launch of these ETFs followed the Securities and Exchange Commission’s (SEC) approval of the <a href="https://thecoinrise.com/invesco-galaxy-submits-its-updated-s-1-for-spot-ethereum-etf/">final S-1 forms</a>. This allowed the products to launch on the Nasdaq, NYSE Arca, and <a href="https://thecoinrise.com/five-ethereum-etfs-to-begin-trading-on-cboe-on-july-23/">CBOE</a>.&nbsp; 
Many issuers, including Fidelity, 21Shares, Franklin, and VanEck, have taken steps to attract investors by waiving fees on their ETFs for an initial period or until the products accumulate a specific amount in net assets. Post this period, most spot Ether ETFs will offer a base fee between 0.15% and 0.25%, except for Grayscale’s ETHE, which maintains a higher fee of 2.5%. 
<a href="https://thecoinrise.com/bitwise-pledges-10-of-ethereum-etf-profits-to-fuel-open-source-innovation/">Bitwise has also announced</a> to direct 10% of its ETF profits to fuel open-source innovation on Ethereum. 
Interestingly, spot Bitcoin ETFs saw $655.2 million in inflows on their first day, which included a notable $95 million outflow from Grayscale’s converted Bitcoin product. 
The post <a href="https://thecoinrise.com/ether-etfs-debut-with-1-08b-in-trading-volume-attracts-106m-in-net-inflows/">Ether ETFs Debut with $1.08B in Trading Volume, Attracts $106M in Net Inflows</a> appeared first on <a href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Ether ETFs Debut with $1.08B in Trading Volume, Attracts $106M in Net Inflows

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Alte articole publicate pe 24 iul. 2024

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