#ChartoftheDay Ten years ago, on July 22, 2014, #Ethereum launched its initial coin offering. Now, on July 23, 2024, the US financial regulators gave final approval for spot #Ether ETFs.
On the first day of trading, nine spot Ether ETFs drew $107 million of net inflows and had over $1 billion in trading volume. However, starting from the second day of trading, the ETFs had started to record a streak of net outflows.
On July 24, the spot Ether ETFs had a net outflow of $133 million. Notably, Grayscaleâs ETHE experienced a staggering outflow of $327 million. On July 25, the nine ETFs saw $152.3 million in outflows, with Grayscale recording an outflow of $346.22 million for the day. On July 26, the daily total net outflow increased to #249.89 million.
As of July 26, US spot $ETH ETFs had a total net asset of $9.13 billion, with a cumulative total net outflow of $428.57 million.
Spot ETH ETFs kicked off trading amid the continued sell pressure and dread in the market brought on by Mt. Goxâs payment process. We expect limited inflows into ETH ETFs from institutional investors before October, which means Ether's price will not be taken much higher. But as the US election concludes and Ethereumâs next upgrade, Pectra, draws near, Ether's price will gradually move close to its historical highs. After all, in Bitcoinâs case, it took #BTC two months to make new price records after the approval of spot $BTC ETFs.
