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Yesterday marked another significant milestone for the cryptocurrency world. We witnessed the trading of Spot Ethereum ETFs in the market. Cryptocurrencies have now become a reality that traditional finance must accept, solidifying their position as an important financial instrument. Let’s take a look at yesterday’s figures together.
First Trading Day of Spot Ethereum ETFs
Yesterday was the first trading day of Spot Ethereum ETFs. The entry of $106.78 million showed investors’ desire to invest in Ethereum. The only exit yesterday, similar to Bitcoin ETFs, occurred on the Grayscale side. Grayscale’s two Spot Ethereum ETFs saw an exit of $484 million from ETHE, while the other saw an entry of $15 million.
There were entries in other Spot Ethereum ETFs. This indicated that the exits from Grayscale were absorbed. Significant entries were observed in BlackRock and Bitwise, with $266 million and $204 million, respectively.
Fidelity’s Spot Ethereum ETF saw an entry of $71 million, Franklin $13.21 million, VanEck $7.64 million, 21Shares $7.47 million, and finally, Invesco saw an entry of $5.54 million.
Current Status of Spot Bitcoin ETFs
Yesterday was a day of exits for Spot Bitcoin ETFs. The series was broken accordingly. The largest exit was from Bitwise, amounting to $70.32 million. In addition to Ark Invest’s $52 million exit, Grayscale also saw exits amounting to $27 million.
Although BlackRock saw an entry of $71.94 million yesterday, the overall figures closed in the negative as other Spot Bitcoin ETFs recorded zero entries. With Spot Ethereum ETFs and Spot Bitcoin ETFs, the cryptocurrency market will now be more sensitive to market conditions. The coming days will clearly show the direction of these ETFs based on both Bitcoin and Ethereum prices. As of writing, Bitcoin, the flagship of cryptocurrencies, is at $65,823, while Ethereum, the leader of altcoins, is at $3,440.
