Ethereum

Future

Kamala Harris (kamalaharriscoin.com)

In a recent statement, QCP Capital, a famous cryptocurrency analysis firm, shared its assessment of Ethereum (ETH) following the approval and trading of Ethereum Spot ETFs.
Wall Street witnessed a momentous event yesterday as spot Ethereum ETFs made their debut, generating over $1 billion in volume in their first day of trading.
Grayscale Ethereum Trust (ETHE) led the way, accounting for nearly half of the total volume. It was closely followed by BlackRock's iShare Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH).
James Seyffart of Bloomberg Intelligence shared his views, saying: “For me, they pretty much met expectations. In terms of Bitcoin ETFs, they traded about 24% of day 1 volumes and received 16.5% of flows compared to day 1 for Bitcoin ETFs.” “Overall, I think it was a very solid day.”
Spot Ethereum ETFs recorded net inflows of $106.7 million. Interestingly, Grayscale Ethereum Trust experienced a net outflow of $484.1 million and was the only fund to experience an outflow. Blackrock's ETHA led the way with net inflows of $266.55 million.
Seyffart continued his words as follows:
<blockquote>
 “Compared to a standard ETF launch, it was a smashing success. The problem is, we're comparing it to Bitcoin ETFs, which are the biggest ETF launch of all time.”
</blockquote>
Bitwise Senior Investment Strategist Juan Leon emphasized that this was a marathon, not a sprint, but demand for ETH exceeded expectations on day 1. “It's great preparation for the road ahead,” he added.
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According to Lennix Lai, OKX's global chief commercial officer, the approval and launch of ETH ETFs shows that the SEC does not define ETH as a security. “The launch of ETH ETFs means more capital inflows into the ETH ecosystem, especially from institutional investors,” Lai said.
Alice Liu, research leader at CoinMarketCap, compared the situation to the European market where ETH ETFs are currently traded. He predicts that corporate demand will increase in the next 3-5 months. “Strong first-day demand for ETH ETFs greatly exceeded market expectations, signaling a promising outlook in the long term,” Liu concluded.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/experts-share-predictions-about-ethereums-future-after-etf-approvals/" rel="noopener noreferrer nofollow">Experts Share Predictions About Ethereum’s Future After ETF Approvals</a>

Experts Share Predictions About Ethereum’s Future After ETF Approvals

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Alte articole publicate pe 25 iul. 2024

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