Spot Ethereum ETFs Launch to Mixed Results
Ethereum interest is heating up thanks to the release of spot ether ETFs, which raked in millions already today.
Ether exchange traded funds in the United States showed a net inflow of more than $106 million from the initial trading day. At the same time, Grayscale’s Ethereum trusts lost $485 million.
That put a damper on the major inflow for post ethers, but the numbers show that there is plenty of interest in the new securities, and they may have a healthy future in the market alongside traditional cryptocurrency.
The net result of this back and forth between the two assets is that Ethereum (ETH) jumped by about 2% in a few hours. The coin then fell throughout Wednesday trading and has managed a mild 0.20% increase overall over the last 24 hours.
The largest Ethereum ETF is iShares from BlackRock. That trust brought in $266.5 million, and Bitwise Ethereum was the runner up with $204 million. ETFs brought in a net gain for the day, which could turn into major gains over the next few days.
What to Expect from Ethereum Now
After the initial interest dies away, ETFs may not continue to spur Ethereum trading. Ethereum’s trade volume is down 23% today, which could indicate that more interest is being paid to the ETFs than the Ethereum token itself.
Cryptocurrency is going through a tough moment right now, with millions of dollars’ worth of bitcoins being transferred from seized funds. That has seriously impacted Bitcoin’s ability to gain value, and it has bled over to the rest of the crypto market as well.
Ethereum could benefit from today’s economic reports, which include data on manufacturing PMI, crude oil inventories, and home sales. In addition, FOMC members will issue statements today that could shift the market in one way or another. Investors should be watching these meetings and reports for indications of where Ethereum might be headed.
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