Ethereum

2024

Spot

The spot Ether ETFs went live this week but have seen consecutive net outflows in the past three days of trading. thanks to the Grayscale Ethereum ETF (ETHE) which has recorded more than $1.5 billion in outflows in the first four days. However, despite this, some market analysts have called the ETF launch a success.
<h2 id="nate-geraci-calls-ether-etf-launch-a-success">Nate Geraci Calls Ether ETF Launch A Success</h2>
Despite the Ether ETFs seeing net outflows throughout this week, ETH Store President Nate Geraci calls it a success. He said that excluding the <a href="https://coingape.com/ethereum-etf-show-promise-despite-grayscale-outflows-bloomberg-analyst/" target="_blank" rel="noopener noreferrer nofollow">Grayscale Ethereum ETF</a> (ETHE), $1 billion has flown into other ETF products this week. Although some investments have been recycled, Geraci believes that this was not the primary driver.
With investors gaining $1 billion of exposure through the traditional investment ETF channel, Geraci terms it a major success.
<blockquote class="twitter-tweet">
 Ex-ETHE, well over $1bil came into spot eth ETFs this week…
 A portion was clearly recycled from ETHE, but nowhere close to primary driver IMO.
 Think highly successful debut.
 Another way to think of this is investors wanted $1+bil eth exposure via tradfi rails.
 In *4* days.
 — Nate Geraci (@NateGeraci) <a rel="noopener noreferrer nofollow" href="https://twitter.com/NateGeraci/status/1817030015701111094?ref_src=twsrc%5Etfw">July 27, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Apart from ETHE, all other Ether ETFs have registered net inflows. For e.g. the BlackRock Ethereum ETF (ETHA) saw $442 million in flows as per data from <a rel="noopener noreferrer nofollow" href="https://farside.co.uk/?p=1518" target="_blank">Farside Investors</a>. On the other hand, Bitwise ETHW came second with $265 million in inflows. Earlier this week, Bitwise also announced that they would be distributing 10% of their profits for Ethereum development activity. On Friday, ETH saw $16 million in inflows.
Also Read: <a href="https://coingape.com/bitwise-ether-etf-reveals-10-profit-donation-to-ethereum-developers/" target="_blank" rel="noopener noreferrer nofollow">Bitwise Ether ETF Reveals 10% Profit Donation To Ethereum Developers</a>
<h2 id="ethereum-price-sees-volatility">Ethereum Price Sees Volatility</h2>
The <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum price</a> has seen strong volatility this week amid the launch of the Ether ETFs. Earlier this week, the ETH price tanked all the way to $3,150 levels. However, it has partially recovered from the weekly bottom and is currently trading at $3,265. The altcoin has been mimicking Bitcoin post the <a href="https://coingape.com/markets/eth-mimics-btcs-post-etf-crash-hinting-at-rally/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF</a> launch.
The launch of Ethereum ETF has been a sell-the-news event with analysts expecting a few more weeks of consolidation before resuming the bull journey ahead. Popular crypto analyst Michael van de Poppe predicts believe that the ETH price could double from here by the end of the year.
<blockquote class="twitter-tweet">
 It’s interesting, isn’t it? In the past years, we’ve seen the second half of the year where <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> accelerated massively.
 In the first half of the year: downwards only.
 The second half of 2024 is going to push <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to $7,000. Be ready. <a rel="noopener noreferrer nofollow" href="https://t.co/0GY0imzqRQ">pic.twitter.com/0GY0imzqRQ</a>
 — Michaël van de Poppe (@CryptoMichNL) <a rel="noopener noreferrer nofollow" href="https://twitter.com/CryptoMichNL/status/1817100108179128332?ref_src=twsrc%5Etfw">July 27, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Also Read: <a href="https://coingape.com/nomura-to-launch-high-yield-ether-etf-featuring-staking-options/" target="_blank" rel="noopener noreferrer nofollow">Nomura to Launch High-Yield Ether ETF Featuring Staking Options</a>
The post <a href="https://coingape.com/nate-geraci-calls-spot-ether-etf-a-success-despite-outflows-heres-why/" rel="noopener noreferrer nofollow">Nate Geraci Calls Spot Ether ETFs A Success Despite Outflows, Here’s Why</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Nate Geraci Calls Spot Ether ETFs A Success Despite Outflows, Here’s Why

Table of Contents

Coingape News Media

Other articles published on Jul 27, 2024

Apple adopts Biden’s voluntary AI safeguards

Top Crypto Projects to Unlock $2.31 Billion Over the Next Month

WazirX Launches Massive $23M Bounty to Track Down $234M Stolen Assets

Analyst Predicts Bitcoin Price Drop Despite Current Uptrend

Are Axie Infinity and MoonBag the Best Altcoins to Buy in 2024?

Following Ethereum ETF Trade, AI Cryptocurrencies Set to Explode in August – Don’t Miss Out!

Join our free newsletter for daily crypto updates!