Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The much-anticipated launch of several Ethereum-based spot exchange-traded funds (ETFs) failed to ignite a significant Ethereum (ETH) price rally. Despite considerable trading volumes and large inflows for the \u201cnewborn\u201d ETFs on their first day, the Grayscale outflows have been too massive (once again) to propel the Ether price upwards. Ethereum ETFs Start Strong, But Grayscale … Eric Balchunas, a senior ETF analyst at Bloomberg, shared via X (formerly Twitter), “DAY ONE in the books for Eth ETFs who did $1b in total volume, which is 23% of what the spot bitcoin ETFs did on their first day and ETHA did 25% of IBIT’s volume.” He also noted that “The gap between ETHE and The Newborn Eight is a healthy +$625m.\u201d However, despite these healthy volumes, the price of Ethereum only increased marginally by 1% yesterday. At press time, ETH stood at $3,437, down 0.4% over the past 24 hours. In contrast, Bitcoin (BTC) price declined by 1.6%, and other altcoins also faced downward pressure, dropping between 4% and 10%. Related Reading: Ethereum Price Stays Flat Despite Today\u2019s ETF Debut: QCP Explains Why James Seyffart, another Bloomberg ETF expert, commented the first day of inflows, “First full day of flows for the ETHness stakes are in. The Ethereum ETFs took in $107 million. BlackRock\u2019s ETHA led the way with $266.5 million followed by Bitwise’s ETHW with $204 million. Very solid first day.” Despite these positive inflows, the day was not without its challenges. The Grayscale Ethereum Trust (ETHE), which transitioned from a traditional trust to a spot ETF, saw substantial outflows amounting to $484.9 million, representing about 5% of the fund’s value. Eric Balchunas commented on this movement, “Damn. That\u2019s a lot. Like 5% of the fund. Not sure The Eight newbies can offset w inflows at this magnitude. On flip side maybe its for best to just get it over with fast, like ripping a band aid off.” The introduction of these ETFs is part of a broader trend following the launch of similar Bitcoin ETFs in January, which also experienced a mix of inflows and significant outflows from the Grayscale Bitcoin Trust (GBTC). The Ethereum Mini Trust, another Grayscale product, however, reported $15.2 million in new inflows. Related Reading: Ethereum Retraces: Here\u2019s Why ETH Bulls Must Decisively Break Above $3,500 Other notable Ethereum ETFs like Franklin Templeton\u2019s (EZET) and 21Shares\u2019 Core Ethereum ETF (CETH) saw inflows of $13.2 million and $7.4 million, respectively, indicating varying levels of investor interest across different funds. Overall, the first day of trading for these Ethereum ETFs brought in significant volumes and a complex flow of funds but did not translate into a significant price rally for Ethereum. As with Bitcoin, the Grayscale outflows for Ethereum seem to need to be cleared out of the way before the ETFs could have a significant impact on the price. At press time, ETH traded at $3,442. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":631266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[8323,16163,4854,1946,84816,7931,6931,91198],"class_list":["post-631263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth","tag-eth-price","tag-ether","tag-ethereum","tag-ethereum-etfs","tag-ethereum-news","tag-ethereum-price","tag-spot-ethereum-etfs"],"acf":[],"yoast_head":"\n
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Through his extensive work with shenyangcang.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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