The Breakdown ETH's Successful First Day ETF Launch
Jul 25, 2024
First day of Ethereum ETF trading success, Grayscale outflows, Mt. Gox Bitcoin distribution impact. Bitcoin trading volatility analysis and Permissionless conference insights. Speculation on Kamala Harris at Bitcoin conference and Trump's Treasury Secretary rumors.
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ETH ETF Launch Success
- Ethereum spot ETFs saw strong first-day trading with over $1.3 billion in volume.
- This is less than Bitcoin's $4.5 billion but still significant, exceeding expectations and outperforming other ETF launches.
Spot vs. Futures ETFs
- Demand for Ethereum spot ETFs significantly outpaced the lackluster interest in futures ETFs.
- These spot ETF launches are among the most successful in history, exceeding all other non-crypto ETFs.
Impact on Bitcoin ETFs
- The Ethereum ETF launch impacted Bitcoin ETFs, causing their first net outflow in nearly a month.
- Bitwise saw a notable $117 million Bitcoin outflow alongside a $203 million Ethereum inflow.