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News - This is how the first trading day of the Ethereum Spot ETF went
By
24-07-20242 min read
This is how the first trading day of the Ethereum Spot ETF went
About a billion in trading volume, BlackRock leading, Grayscale selling: the Ethereum Spot ETF is having a solid start.
In total, there was about a billion dollars in trading volume. For the Ethereum ETF, there was an inflow of about US$108 million. This is about 23 percent of the volume the Bitcoin Spot ETFs reached on their first day. Once again, the crown went to BlackRock. The world's largest asset manager "bought" Ethereum worth US$266 million.
Review of Bitcoin: outflow at Grayscale.
The company Grayscale has sold about $484 million worth of Ethereum from their $9 billion fund, which has been around since 2017 and has now been converted into a Spot ETF.
"A very solid first day," tweeted James Seyffart, Bloomberg's crypto expert.
UPDATE: First full day of flows for the ETHness stakes are in. The Ethereum ETFs took in $107 million. @BlackRock's $ETHA lead the way with $266.5 million followed by @BitwiseInvest's $ETHW with $204 million. Very solid first day pic.twitter.com/j28vIwVWvR
— James Seyffart (@JSeyff) July 24, 2024
Ethereum's share price has hardly changed and is still around €3.189.
However, as with Bitcoin ETFs, the new ETH index funds could have a big effect on the Ether price in the medium to long term. You can read more about this in this article: The start of ETF trading: The perfect time or still waiting?
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