After the US Securities and Exchange Commission (#SEC ) gave its go-ahead to the latest form, a spot Ether #ETF. was finally launched for the first time on the US stock exchange. . This was a highly anticipated event by the crypto community, due to the attention generated around the second largest #criptomoneda by market capitalization. How much volume did it generate on the first day of trading and how did the price of Ether react? Let's explore.
On Tuesday, July 23, Ether spot ETFs began trading in the United States, attracting the attention of institutional and retail investors.
In total, 9 Ether spot ETFs were launched from 8 issuers, among which we have #BlackRock (ETHA), Fidelity (FETH), Bitwise (ETHW), 21shares (CETH), Vaneck (ETHV), Invesco (QETH), Franklin (EZET) and Grayscale (ETHE and ETH).
Activity on the first day of operations was strong, reaching a total trading volume of $1 billion. Total cumulative receipts were $106.6 million dollars.
Blackrock's ETHA recorded the largest inflows with $266 million. Secondly, we have Bitwise's ETHW inflows, securing $204 million dollars.
On the other hand, Grayscale's ETHE recorded the largest outflows at $-484 million, a fact very similar to what happened when Grayscale's Bitcoin spot ETF debuted.
Now, if we compare the trading volume of the first day of the Ether spot ETF against the trading volume of the BItcoin spot ETF, we have that Ether moved 23% compared to what BTC registered on the first day of trading ($1,083 million dollars vs. 4,661 million dollars).
Once again, the war breaks out over the reduction of commissions in Ether spot ETFs, where we see that some have announced that they will waive their commissions initially or until the assets reach a certain amount in net assets. We saw a similar case in Bitcoin spot ETFs.
Meanwhile, following the approval of the Ether spot ETF, the asset's price remained relatively stable, trading between the $3,400 and $3,500 ranges, where we could perhaps see greater volatility in the following days.
Little by little we see a more positive scenario for the crypto sector, where this type of ETF gives a clearer message to the investor about trading in this asset class. According to some analysts, speculation is already beginning about possible new spot ETFs such as SOL, XRP or some other asset. In the following days we have the Bitcoin Conference 2024 where they could shed more light on Bitcoin and the crypto sector in general. We will see how the price of Ether evolves in the following days.
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