Spot Ethereum Exchange-traded Funds (ETFs). debuted to robust investor interest In the first 90 minute of trading the ETFs have amassed a volume total of $361million.
Bloomberg Senior ETF Analyst Eric Balchunas has shared his thoughts on the topic. initial data Social media users noted the ETFs’ impressive performance and that they are now among the 1% most popular ETFs, similar to established funds like TLT and EEM.
The leader of the pack Grayscale’s ETHE recorded the largest volume, $147.8 millions. BlackRock’s ETHA has $71.4 Million and Bitwise’s ETHW at $50.4 million. Fidelity’s FETH also saw significant activity — recording $49.3 million in volume.
Grayscale’s Ethereum contributed an additional $18.4 Million to this impressive 90-minute sum. VanEck’s ETHV invests $9.3 millions Franklin Templeton’s EZET has $8.4 million, QETH from Invesco is at $4.0 million. 21Shares’ CETH receives $2.0 Million
This data shows that Ethereum investment vehicles are a much more popular choice than ETFs which, on average, do not reach $1,000,000 in volume during their first trading day.
Balchunas
“As a group, that number [$361 million] would rank them about 15th overall in ETF volume. Compared to a normal ETF launch, which rarely sees more than $1 million on Day One, all of them have cleared that number and then some.”
Balchunas reported earlier that Ethereum ETFs already had $112 million worth of volume within 15 minutes. Although impressive, the initial volume surge was less than half that of Bitcoin ETFs First day of school.
Balchunas stated that Ethereum ETFs perform at around 20% to 25% the volume of Bitcoin ETFs, when Grayscale is taken into account. This still represents an excellent showing in line with Balchunas’ previous predictions.
These Ethereum ETFs have been a great success, reflecting the growing interest of investors in digital assets. financial products. The crypto market is set to benefit from this development, which will increase the visibility of cryptocurrency and its adoption on traditional markets.
Market watchers are eager to know if the strong start will continue throughout the day, and what this means for the future crypto ETFs.
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Source: cryptoslate.com