Ethereum

Read

Billion

<ul>
 <li>Nine new Ethereum ETFs reached $1.1B in trading volume on day one, led by Grayscale’s Ethereum Trust at $461M.</li>
 <li>Ethereum ETFs’ debut volume was strong but lower than Bitcoin ETFs, which hit $4.6B on their first day in January.</li>
 <li>Analysts predict daily Ethereum ETF flows between $125M and $325M, signaling high market interest and potential inflows.</li>
</ul>
<p>Ethereum ETFs had a good debut <a href="https://cryptonewsland.com/ethereum-etf-goes-live-major-implications-for-ethereum-and-altcoins/" rel="noopener noreferrer nofollow">day into the market</a>, reaching over $1 billion in trading volume on their first day. This is a positive for these financial products, which were approved by the Securities and Exchange Commission (SEC) in May.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">JUST IN – Ethereum ETF trading volume hits $1 billion! <a href="https://t.co/drWOUoWUG7" rel="noopener noreferrer nofollow">pic.twitter.com/drWOUoWUG7</a></p>— Altcoin Daily (@AltcoinDailyio) <a href="https://twitter.com/AltcoinDailyio/status/1815819661050798363?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h4 class="wp-block-heading" id="h-trading-volume-highlights"><strong>Trading Volume Highlights</strong></h4>
<p>Nine newly launched Ethereum ETFs collectively saw approximately $1.1 billion in trading volume. The leading performer was Grayscale’s Ethereum Trust (ETHE), with $461 million in shares traded. BlackRock’s iShares Ether Trust (ETHA) followed with $244.7 million, and Fidelity’s Ethereum Fund (FETH) managed $138.5 million.&nbsp;</p>
<p>Other funds, such as Bitwise’s Ethereum Fund (ETHW) and VanEck, saw volumes of around $100 million and $45 million, respectively. Smaller volumes were observed in products from Franklin Templeton, Invesco, and 21 Shares.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">First day of the ETHness stakes done. The group's volume was just shy of $1.1 billion. My *prediction* on flows for the day is anywhere from $125 million to $325 million but will depend on how many investors these firms had lined up. We'll know some official flows in a few hours <a href="https://t.co/p6Wjty8VyY" rel="noopener noreferrer nofollow">https://t.co/p6Wjty8VyY</a> <a href="https://t.co/1gYYrU1CW1" rel="noopener noreferrer nofollow">pic.twitter.com/1gYYrU1CW1</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1815849216012333400?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h4 class="wp-block-heading"><strong>Comparison to Bitcoin ETFs</strong></h4>
<p>While impressive, the debut of Ethereum ETFs did not reach the <a href="https://cryptonewsland.com/record-trading-volumes-on-day-1-of-spot-btc-etf-launch/" rel="noopener noreferrer nofollow">heights of the Bitcoin ETFs</a> launched in January, which harmassed over $4.6 billion in first-day trading across 10 funds. Nonetheless, Ethereum ETFs’ initial performance has been deemed strong by market analysts.</p>
<h4 class="wp-block-heading"><strong>Market Analysis and Predictions</strong></h4>
<p>At press time, Ethereum was trading at $3,444.90 and is down by 0.98% in the past 24 hours. Bitcoin experienced a similar beginning after its ETF launch, seeing strong trading activity without an immediate price surge.&nbsp;</p>
<p>It took several weeks for Bitcoin to begin its rise, and over a month to hit a new all-time high. If Ethereum follows this pattern set by Bitcoin, August might be a dominant period for Ether and its ETFs.</p>
<p>Crypto analyst Michaël van de Poppe on X <a href="https://x.com/CryptoMichNL/status/1815827998911631362" rel="noopener noreferrer nofollow">pointed out that</a> the high trading volume could indicate significant market interest and potential inflows. He noted, “If Ethereum hits $1B of volume on the first day and we assume that 20% is net inflow, it would mean there’s $200 million of new inflow. This surpasses the $160 million worth of ETH issued this year, suggesting high demand.”</p>
<p>Bloomberg ETF analyst James Seyffart predicted daily flows to range between $125 million and $325 million, depending on pre-arranged investments by firms.</p>
<h4 class="wp-block-heading"><strong>Future Prospects</strong></h4>
<p>The successful <a href="https://cryptonewsland.com/ethereum-confirmed-not-a-security-as/" rel="noopener noreferrer nofollow">launch of Ethereum ETFs</a> could signal a broader acceptance and adoption of cryptocurrency-related financial products. Although the trading volumes were lower than those seen with Bitcoin ETFs, the enthusiasm around Ethereum ETFs suggests a growing interest in diversified crypto investments.</p>
<p>The first day of trading sets a promising start for the future of Ethereum ETFs. As these products get more popular, they could play a major role in shaping the crypto market.&nbsp;</p>
<h4 class="wp-block-heading" id="h-read-also">Read also</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/grayscales-gbtc-sees-positive-inflow-after-prolonged-downturn/" rel="noopener noreferrer nofollow">Grayscale’s GBTC Sees Positive Inflow After Prolonged Downturn</a></li>
 <li><a href="https://cryptonewsland.com/crypto-markets-rally-june-opens-with-2-billion-inflows-ethereum-shines/" rel="noopener noreferrer nofollow">Crypto Markets Rally: June Opens with $2 Billion Inflows, Ethereum Shines</a></li>
 <li><a href="https://cryptonewsland.com/grayscale-bitcoin-etfs-66-9m-inflow-vanishes-is-it-good-or-bad/" rel="noopener noreferrer nofollow">Grayscale Bitcoin ETF’s $66.9M Inflow Vanishes: Is it Good or Bad?</a></li>
 <li><a href="https://cryptonewsland.com/bitcoin-etfs-hit-second-highest-inflows-day-with-886-6-million/" rel="noopener noreferrer nofollow">Bitcoin ETFs Hit Second-Highest Inflows Day with $886.6 Million</a></li>
 <li><a href="https://cryptonewsland.com/grayscale-fights-for-ethereum-spot-etf-approval-amid-sec-delay/" rel="noopener noreferrer nofollow">Grayscale Fights for Ethereum Spot ETF Approval Amid SEC Delay</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/ethereum-etfs-reach-1-billion-in-trading/" rel="noopener noreferrer nofollow">Ethereum ETFs Reach $1 Billion in Trading Volume on First Day, Grayscale Tops Charts</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ethereum ETFs Reach $1 Billion in Trading Volume on First Day, Grayscale Tops Charts

Crypto News Land

Other articles published on Jul 24, 2024

Experts Predict Steady Capital Allocation for Ethereum ETFs

Coinbase CEO: Bitcoin a ‘Check and Balance’ Against US Debt Crisis

Will Chainlink (LINK) Follow ETH’s Parabolic History as Key Signal Points to Massive Gains?

Mt Gox Transfers Over $3 Billion In Bitcoin, BTC Liquidations Mount

Optimism (OP) Looks Ready for 3x Spike as Key Level Holds; ONDO Price Could Reverse at This Stron...

Institutional Adoption Accelerates For Solana as Hamilton Lane Launches Blockchain-Native Fund

Join our free newsletter for daily crypto updates!