How Ethereum ETFs did on launch day

Over $361million in the first 90minutes

Author

Daniel Akpobare
July 24, 2024

GM Explorer,

Spot Ethereum exchange-traded funds (ETFs) officially launched yesterday, and the response was quite impressive!

Here’s what we got for you today:

  • 🤯 How Ethereum ETFs did on launch day!

  • 👊 Harris, Trump, and the Crypto Showdown!

  • 🧱 Around The Block: Bitcoin slips to near $65K as Mt. Gox creditors receive assets of Kraken.

🤯 How Ethereum ETFs did on Launch Day!

Ethereum ETFs launched with a bang, raking in an astounding $361 million in the first 90 minutes of trading!

Here’s how the nine newly launched ETFs contributed:

This remarkable start puts these ETFs in the top 1% for overall ETF volume, as reported by Bloomberg analyst Eric Balchunas.

But wait, there's more!

Ethereum ETFs' trading volume smashed through the $1 billion mark on the first day of trading, surpassing 20% of Bitcoin's first-day volume mark.

This is a huge feat, and it shows the growing demand for Ethereum-based investments, especially considering that they used to struggle to exceed $1 million on their first day.

However, Ethereum was trading around $3,460, down 1% as of yesterday, and is now $3,441.36 at the time of writing.

Analysts are speculating that ETH's price trajectory might be similar to Bitcoin's after the launch of spot BTC ETFs — Read more on that here.

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👊 Harris, Trump, and the Crypto Showdown!

With Joe Biden out of the presidential race, the anticipation for the next candidate has gotten even more intense, and everyone is giving their 2 cents on how the winner will affect the crypto community.

​​Guess who's jumping into the mix? Mark Cuban, the renowned Shark Tank billionaire!

He's betting on Kamala Harris to be a game-changer for businesses, especially in crypto and AI.

If Harris becomes the next president of the U.S., he envisions more innovations, opportunities, and a more welcoming attitude toward entrepreneurs.

But let's not forget about the current man in the hot seat, Donald Trump; Love him or hate him, he's been holding strong in the race for quite a while now.

And we all know Trump has been so supportive of digital assets that even a close call on his life isn’t deterring him from appearing at the Bitcoin conference.

But hey, rumor has it that Harris might also be making an appearance at that conference as well.

You can already imagine what an epic showdown that will be, if it happens!

Interestingly, Cuban have previously voiced support for Trump, suggesting that his re-election could lead to much-needed changes at the SEC, making it easier to run a crypto business in the US.

Overall, the race is heating up, maybe even more fiercely than before, and the crypto community is definitely in for an intense ride.

Just hope the nation makes the best call because 4 years is a really, really long time!🤞

Make sure to read the full report and stay informed!

🧱 Around The Block

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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