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BlockNews
Home CRYPTO

Spot Ethereum ETF’s See $1 Billion in Volume on Day One

by Michael Juanico
July 23, 2024
in CRYPTO
Reading Time: 3 mins read
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• Spot Ethereum ETF trading volume surpassed $1 billion on the first day of trading.
• Analysts believe Ethereum ETFs are still undervalued, suggesting an ETH price explosion could be coming.
• If Ethereum follows a similar pattern to Bitcoin’s ETF launch, August could be the period of dominance for Ether and ETFs.

The first day of Ethereum ETF trading has seen immense volume, surpassing $1 billion after less than 24 hours. However, the price of Ethereum itself has yet to surge. This delayed reaction was seen previously with the launch of Bitcoin ETFs.

BREAKING: SPOT ETHEREUM ETF'S SURPASS $1 BILLION IN VOLUME

— BlockNews.com (@blocknewsdotcom) July 23, 2024

Massive Trading Volume on Day 1

Within just 15 minutes of launch, the Ethereum ETFs saw trading volume of $120 million. By the end of day 1, volume had exceeded $1 billion. This intense activity mirrors what was seen with the first Bitcoin ETFs back in January.

Price Impact Takes Time

Currently, Ethereum is trading around $3478, up just 1% over the last 24 hours. Bitcoin saw a similar trend when its ETFs first began trading. It took a few weeks for the price to start surging significantly. Ethereum may follow the same timeline, with its price exploding later in August.

Bullish Predictions for Ethereum

Many analysts are highly bullish on Ethereum in Q4 2024. The massive ETF trading volume confirms strong interest in Ether. Once Ethereum breaks past key resistance around $3730, it could surge to $4000 or even new all-time highs.

Increased Demand from Lower Fees

Research firm ASXN predicts up to $12 billion in monthly inflows for spot Ethereum ETFs. This is based on Grayscale lowering its fees, making the product more appealing to investors. More accessibility and lower costs should continue driving demand.

The Outlook for Ethereum

If bullish sentiment and buying volume persists, Ethereum looks primed for enormous gains following its ETF launch. While the price impact took some time to materialize for Bitcoin, Ether appears well-positioned to embark on a major bull run over the coming weeks and months. The crypto markets will be watching closely.

Tags: Bitcoinbitcoin etfscryptoethereumethereum etf
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