Important numbers for the first day of trading for the spot Ethereum ETF, on-chain metrics and charts.
So far, the main conclusion regarding trading in spot Ethereum ETFs is that we will see up to six months of asset flow from Grayscale to other issuers. As already happened with Bitcoin ETF. #Graysсale clients will sell their#ETHfrom this fund and distribute capital to others. Graysсale will earn 2.5% commission.
Full results of the first day of trading:
- Trading volume amounted to $1.1 billion, with the Grayscale fund accounting for almost 50%. The inflow amounted to $590.7 million, the outflow was $484.1 million. And it was Grayscale that provided the outflow.
- Sales volumes absorbed, overall results:
--#ETHEfrom Grayscale: -$484.1M.
--#ETHAfrom BlackRock: +$266.5M.
--#ETHWby Bitwise: +$204M.
--#FETHfrom Fidelity: +$71.3M.
--#ETHfrom #Grayscale: +$15.1M.
--#EZETfrom #FranklinTempleton: +$13.2M.
--#ETHVfrom #VanEck: +$7.6M.
--#CETHfrom #21Shares: +$7.5M.
--#QETHfrom #Invesco: +$5.5 million.
- In total, spot#EthereumETFs attracted $106.6 million in net inflows on the first day.#BloombergETF analyst James Seyffarth said it was a "very strong first day."
By comparison, the average daily net inflow into the#BitcoinETF over the first 10 days was $75.7 million. Let's see what the pace will be after the first rush day. Today, prices for funds are still declining, and sales pressure is felt. And Grayscale is probably doing well.
#CryptoQuant CEO Ki Yoon Joo notes that yesterday there was a record influx of#ETHinto the wallets of “permanent holders” in the entire history of the asset, +714,000 ETH for $2.4 billion. An important note - this includes custodial wallets, BUT exchanges and miners are not taken into account.
At the same time,#Kaikonotes: despite the fact that spot Ethereum ETFs attracted more than $1 billion on the first day, the trading volume of ETH on CEX exchanges remained virtually unchanged.
The price of#ETHon spot, after our yesterday’s forecast, fulfilled the expectation with a decrease to the volume level of $3,424 in a squeeze format. Having tested one of the trend supports, descending from May 27 (dashed line) and almost tested the EMA of the 50 day TF. The decline was quickly bought back, the price recovered above the EMA 50 of the four-hour TF and the level of $3,424. As long as the price remains above these two supports, we assume that yesterday’s long squeeze could have placed a wave C loy. But in general, we expect that the loy has not yet been placed and will be placed, in the optimal case for the bulls, around the $3,365 level. All attention now is on the EMA 50 day TF as support.
