Ethereum Surges as Spot ETFs Trading Starts in U.S.
Ethereum (ETH) witnessed a significant price surge just hours before the launch of trading for spot Ethereum exchange-traded funds (ETFs) in the U.S.
The trading for Grayscale’s Grayscale Ethereum Trust (ETHE) and its latest offering, Grayscale Ethereum Mini Trust (ETH), has kicked off on NYSE Arca. Trading for other spot Ethereum ETFs, such as BlackRock’s iShares Ethereum Trust (ETHA), is slated to begin when Nasdaq opens for trade.
The price of ETH spiked from $3,450 to $3,541 within an hour during European trading hours following the announcement from Grayscale about the commencement of trading for its two spot Ethereum ETFs.
Currently, ETH is trading at $3,525, showing a 0.1% increase in the last 24 hours and a more substantial 4.5% gain over the week.”>
Impact of Ethereum ETFs on Market Sentiment
- Crypto market maker predicts up to $4 billion capital inflows
- Bitwise CIO optimistic on the success of new ETH funds
BITWISE’s Pledge for Ethereum Development
- Bitwise commits 10% of profits from its Ethereum ETF for open-source developers
- Significance of supporting the underlying technology and ecosystem
Enthusiasm for Investment Products
- Recent surge in digital asset investment products
- $1.35 billion inflows recorded last week in the crypto market
Positive Shift in Ethereum Fund Flows
- ETH funds witness a reversal with $45 million inflows
- Outpacing Solana as the altcoin with most inflows year-to-date
Hot Take: ETH Gains Momentum Amidst Growing ETF Interest
The surge in Ethereum’s price and the positive outlook for spot Ethereum ETFs signal a significant shift in market sentiment towards ETH. As the launch of these new investment products gathers momentum, Ethereum stands to benefit from increased capital inflows and investor interest. With rising optimism surrounding ETH funds and pledges for developer support, Ethereum’s growth trajectory seems poised for further advancement in the near future.
**Sources:**
1. [CoinShares](https://blog.coinshares.com/volume-192-digital-asset-fund-flows-weekly-report-1f25c92e38fe)
2. [Business Wire](https://www.businesswire.com/news/home/20240722523467/en/The-Bitwise-Ethereum-ETF-ETHW-Set-To-Launch-on-the-NYSE-Firm-Announces-Donation-to-Ethereum-Developers-Will-Publish-Blockchain-Addresses-To-Showcase-Transparency)
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