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- 🎉 Hey Gate Square friends! Non-stop perks and endless excitement—our hottest posting reward events are ongoing now! The more you post, the more you win. Don’t miss your exclusive goodies! 🚀
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Ethereum Spot ETF officially trades, with first-day trading volume exceeding 400 million USD.
Ethereum Spot ETF Approved, Digital Assets Reach Important Milestone
On July 23, 2024, at 9:30 AM Eastern Time, 9 Ethereum Spot ETFs officially began trading on the U.S. securities market, marking an important milestone in the development of Ethereum digital assets. These ETFs are distributed across different exchanges, including CBOE, Nasdaq, and the NYSE Arca electronic trading platform.
About two hours after opening on the first trading day, the total trading volume of these ETFs reached approximately $434 million. Among them, the highest trading volume was Grayscale Ethereum Trust, with an inflow of $177.2 million; while the lowest trading volume was 21Shares Core Ethereum ETF, with only $4.69 million.
Analysts pointed out that the trading volume of the US Ethereum Spot ETF reached $112 million just 15 minutes after it started trading. Although this figure is quite substantial compared to normal ETF issuances, it is only about half of the trading volume of the US Bitcoin Spot ETF on its first day.
The opening prices of various ETFs also differ, ranging from $3.26 to $50.06. Although the price of the Ethereum digital asset ETH saw a slight increase after ETF trading began, the overall performance has been relatively flat. As of 12:00 AM on July 24, 2024 (Singapore time), the daily increase of ETH was 0.46%, with a market cap of approximately $3455.2.
These newly launched Ethereum Spot ETFs have some differences in rates, most of which are around 0.25%, but some companies offer free periods or discounts. It is worth noting that the rates in actual trading may vary due to the different promotional policies of securities brokers.
Regarding whether the ETH held by the ETF participates in staking, it has been reported that ETF initiators, including some large financial institutions, sought regulatory approval to add staking in the ETF, but this request was denied. One reason for the rejection may be that the time required to withdraw ETH from the beacon chain does not align with the ETF's timely redemption requirements.
Industry insiders generally believe that the approval of the Ethereum Spot ETF marks the beginning of the ETF era for blockchain digital assets. Investors can now enter approximately 70% of the digital asset market through low-cost ETFs. Research institutions predict that the inflow of funds for the Ethereum Spot ETF listed on the U.S. securities market may reach 15 to 20 billion dollars in its first year, which is comparable to the inflow of funds for the U.S. Bitcoin Spot ETF in 7 months.
This development undoubtedly brings new opportunities and challenges for Ethereum and the entire digital asset market, making it worthy of the industry's continued attention to its subsequent impact.