{"id":631411,"date":"2024-07-24T19:12:45","date_gmt":"2024-07-24T19:12:45","guid":{"rendered":"https:\/\/www.wncen.com\/?p=631411"},"modified":"2024-07-24T19:12:45","modified_gmt":"2024-07-24T19:12:45","slug":"ethereum-etfs-debut-blackrock-reigns-with-260m-inflows-grayscale-bleeds","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/breaking-news-ticker\/ethereum-etfs-debut-blackrock-reigns-with-260m-inflows-grayscale-bleeds\/","title":{"rendered":"Ethereum ETFs Debut: BlackRock Reigns With $260M Inflows, Grayscale Bleeds"},"content":{"rendered":"

Nine spot Ethereum ETFs commenced trading on the US stock market on Tuesday, marking a pivotal moment for the crypto industry following the Securities and Exchange Commission’s (SEC) green light on Monday.<\/span><\/p>\n

Ethereum ETFs See $1B In Trading Volume On Debut<\/span><\/h2>\n

James Seyffart, a senior ETF analyst at Bloomberg, described the Monday ETF launch as a “pretty big success,” according to a Fortune <\/span>report<\/span><\/a>. However, the initial enthusiasm was tempered by a stark comparison to Bitcoin’s ETF debut earlier this year, which garnered $655 million in inflows on its first trading day.<\/span><\/p>\n

\"Ethereum
First-day trading comparison chart for Ethereum and Bitcoin ETFs. Source: Juan Leon on X<\/a><\/figcaption><\/figure>\n
Related Reading: Mt. Gox Creditors Opt To HODL Bitcoin Rather Than Sell, CryptoQuant Data Shows<\/a><\/div>\n

Diving into the specifics, the Ethereum ETFs collectively amassed $10.2 billion in assets, with <\/span>trading volumes<\/span><\/a> surpassing $1.1 billion on day one. Grayscale’s Ethereum Trust (ETHE) led the volume race with $469.7 million.\u00a0<\/span><\/p>\n

Among the key players, BlackRock led the charge with $266 million in inflows, followed closely by Bitwise with $204 million and Fidelity with $71 million.\u00a0<\/span><\/p>\n

Despite these figures, the ETFs collectively witnessed <\/span>net inflows<\/span><\/a> of $107 million, overshadowed by Grayscale’s Ethereum Trust’s outflows of $484 million, as per Bloomberg data.<\/span><\/p>\n

However, the market response to the ETFs did not translate into a noticeable impact on Ethereum’s price, which experienced a marginal 0.8% decline since trading commenced.\u00a0<\/span><\/p>\n

Currently, the<\/span> second largest cryptocurrency<\/span><\/a> on the market is trading at $3,420, with a 27% decrease in trading volume in this area, amounting to $16 billion in the last 24 hours, and no significant changes to Tuesday\u2019s price value per coin.\u00a0<\/span><\/p>\n

Bright Future Despite Challenges<\/span><\/h2>\n

Given that Ethereum’s market cap is a fraction of Bitcoin’s, the comparatively smaller inflows were somewhat to be expected.\u00a0<\/span>In addition, the Fortune report noted that the lack of a <\/span>staking feature <\/span><\/a>in the ETFs, which is prohibited by the SEC, also drove some investors to buy Ethereum directly, bypassing the new Ethereum ETFs mechanism.<\/span><\/p>\n

Another strong reason for the outflows on the first day of the ETHE fund is Grayscale’s 2.5% fee compared to competitors charging 0.25% or less, a factor that is believed to have influenced investor behavior and contributed to ETHE’s outflows.<\/span><\/p>\n

Related Reading: Forget $10,000, Crypto Analyst Says Spot Ethereum ETFs Will Drive ETH To $14,000<\/a><\/div>\n

Despite the lack of market response, Seyffart remains optimistic about the reception of the Ethereum ETFs, citing the strong performance of \u201csmaller players\u201d such as 21 Shares’ Core Ethereum ETF, which attracted $8.7 million in <\/span>inflows<\/span><\/a>. Seyffart said to Fortune:<\/span><\/p>\n

Very successful launch day by any standard ETF\u2019s first day of trading. On top of this, the volume numbers were very strong.\u00a0<\/span><\/p><\/blockquote>\n

\"Ethereum
The daily chart shows ETH’s sideways price action, recorded since Monday. Source: ETHUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Adding to the optimistic outlook for the Ethereum ETFs, it is noteworthy that Bitcoin (BTC) surged to an all-time high of $73,700 on March 14, just two months after the approved ETFs started trading.\u00a0<\/span><\/p>\n

Although ETFs investing in ETH\u2019s price may not attract as much inflow and trading volume as BTC, this could lead to a sustained increase in ETH’s price in the long term.\u00a0<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Nine spot Ethereum ETFs commenced trading on the US stock market on Tuesday, marking a pivotal moment for the crypto industry following the Securities and Exchange Commission’s (SEC) green light on Monday. Ethereum ETFs See $1B In Trading Volume On Debut James Seyffart, a senior ETF analyst at Bloomberg, described the Monday ETF launch as a “pretty big success,” according to a Fortune report. However, the initial enthusiasm was tempered by a stark comparison to Bitcoin’s ETF debut earlier this year, which garnered $655 million in inflows on its first trading day. Related Reading: Mt. Gox Creditors Opt To HODL Bitcoin Rather Than Sell, CryptoQuant Data Shows Diving into the specifics, the Ethereum ETFs collectively amassed $10.2 billion in assets, with trading volumes surpassing $1.1 billion on day one. Grayscale’s Ethereum Trust (ETHE) led the volume race with $469.7 million.\u00a0 Among the key players, BlackRock led the charge with $266 million in inflows, followed closely by Bitwise with $204 million and Fidelity with $71 million.\u00a0 Despite these figures, the ETFs collectively witnessed net inflows of $107 million, overshadowed by Grayscale’s Ethereum Trust’s outflows of $484 million, as per Bloomberg data. However, the market response to the ETFs did not translate into a noticeable impact on Ethereum’s price, which experienced a marginal 0.8% decline since trading commenced.\u00a0 Currently, the second largest cryptocurrency on the market is trading at $3,420, with a 27% decrease in trading volume in this area, amounting to $16 billion in the last 24 hours, and no significant changes to Tuesday\u2019s price value per coin.\u00a0 Bright Future Despite Challenges Given that Ethereum’s market cap is a fraction of Bitcoin’s, the comparatively smaller inflows were somewhat to be expected.\u00a0In addition, the Fortune report noted that the lack of a staking feature in the ETFs, which is prohibited by the SEC, also drove some investors to buy Ethereum directly, bypassing the new Ethereum ETFs mechanism. Another strong reason for the outflows on the first day of the ETHE fund is Grayscale’s 2.5% fee compared to competitors charging 0.25% or less, a factor that is believed to have influenced investor behavior and contributed to ETHE’s outflows. Related Reading: Forget $10,000, Crypto Analyst Says Spot Ethereum ETFs Will Drive ETH To $14,000 Despite the lack of market response, Seyffart remains optimistic about the reception of the Ethereum ETFs, citing the strong performance of \u201csmaller players\u201d such as 21 Shares’ Core Ethereum ETF, which attracted $8.7 million in inflows. Seyffart said to Fortune: Very successful launch day by any standard ETF\u2019s first day of trading. On top of this, the volume numbers were very strong.\u00a0 Adding to the optimistic outlook for the Ethereum ETFs, it is noteworthy that Bitcoin (BTC) surged to an all-time high of $73,700 on March 14, just two months after the approved ETFs started trading.\u00a0 Although ETFs investing in ETH\u2019s price may not attract as much inflow and trading volume as BTC, this could lead to a sustained increase in ETH’s price in the long term.\u00a0 Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":631412,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[86683],"tags":[89215,14690,8323,10384,92688,92366,84816,8686,78803,89192,89986],"class_list":["post-631411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking-news-ticker","tag-blackrock-news","tag-crypto-news","tag-eth","tag-ethereum-etf","tag-ethereum-etf-launch","tag-ethereum-etf-news","tag-ethereum-etfs","tag-ethusd","tag-ethusdt","tag-grayscale-news","tag-spot-ethereum-etf"],"acf":[],"yoast_head":"\nEthereum ETFs Debut: BlackRock Reigns With $260M Inflows, Grayscale Bleeds<\/title>\n<meta name=\"description\" content=\"Nine spot Ethereum ETFs commenced trading on the US stock market on Tuesday, marking a pivotal moment for the crypto industry.\" 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