Bitwise Asset Management hung a banner advertising its latest spot Ethereum ETF on the New York Stock Exchange (NYSE) building. According to a video posted by Teddy Fusaro, Bitwise’s president on X, this striking move underscores the growing prominence of cryptocurrency investments within traditional financial markets.
Bitwise Aim to Capture Potential Investors’ Attention
It also signals a significant milestone for Bitwise and the broader crypto community. Meanwhile, the banner reads “ETHW, Bitwise Ethereum ETF,” advertising the newly launched ETF product.
Bitwise’s move is also a strategic marketing effort, aiming to capture the attention of potential investors and stakeholders within the financial district. By choosing the NYSE building, Bitwise leverages a high-visibility platform to communicate the significance and potential of its spot Ethereum ETF.
Meanwhile, Bitwise ETHW started trading on Tuesday and attracted $204 million in net inflows on its first day. On Wednesday, it received $29.6 million, and $16.3 million on Thursday in net inflows, according to data from SosoValue. Together, the nine U.S. spot Ether ETFs attracted $152.3 million in net outflows on their third day of trading.
Big Trading Volumes for Ether ETFs
The recent launch of Ether spot Exchange-traded funds (ETFs) is a moment of celebration for the crypto community. These trading products 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.
The converted Grayscale Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA) led the pack with $458 million and $248.7 million in trading, respectively. 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 “Newborn Eight” products, excluding ETHE attracted $625 million in volume. Bloomberg ETF analyst Eric Balchunas finds this “healthy” and expects a major portion of this volume to convert to inflows.
Bitwise’s Tradition of Support
A few days ago, Bitwise pledged to donate 19% of its profit from ETF trading to Ethereum developers. Following its tradition of transparency, Bitwise assured that it would publish its Ethereum addresses for all ETHW holdings just like it did with its Bitcoin addresses for its ETF holdings. This will allow investors to verify the fund’s holdings and flows on the blockchain.
Since January till now, Bitwise’s BITB product has made over $2.2 billion in net inflows, with $2.7 billion in assets under management. Matt Hougan, Bitwise CIO, while acknowledging the assets have different use cases and strengths, maintained optimism that the commencement of trading for spot Ethereum ETF will push the price of ETH to record levels.
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