{"id":194444,"date":"2023-10-03T01:39:29","date_gmt":"2023-10-03T01:39:29","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194444"},"modified":"2023-10-03T01:39:29","modified_gmt":"2023-10-03T01:39:29","slug":"ethereum-futures-etfs-garner-lukewarm-reception-on-first-day-of-trading","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/ethereum-futures-etfs-garner-lukewarm-reception-on-first-day-of-trading\/","title":{"rendered":"Ethereum futures ETFs garner lukewarm reception on first day of trading"},"content":{"rendered":"<p>The rush of excitement that accompanied the launch of nine new Ethereum futures exchange-traded funds (ETFs) appears to have yielded little in the way of investment dollars in comparison.<\/p>\n<p>On Oct. 2, nine new ETF products, which are designed to track futures contracts tied to the value of Ethereum\u2019s native currency Ether (ETH) arrived on the market. Of these funds only five hold exclusively Ether futures, while the other four track a mixture of Bitcoin and ETH futures contracts. <\/p>\n<p>\u201cPretty meh day of volume,\u201d wrote senior Bloomberg ETF analyst Eric Balchunas on X (formerly known as Twitter) on Oct. 2.<\/p>\n<p>In total, all nine ETFs witnessed less than $2 million worth of trading volume as of midday EST on the first day of trading. <\/p>\n<p>The most popular of the futures ETF products was Valkyrie&#8217;s BTF \u2014 which tracks a combination of Bitcoin and Ether \u2014 racking up a total of $882,000 worth of volume.<\/p>\n<p>It\u2019s worth noting that BTF had already been trading as a Bitcoin-only futures ETF since Oct. 2021, but adjusted its strategy to include ETH. <\/p>\n<p>The first-day trading volume of the Ether ETFs paled in comparison to that of ProShares Bitcoin Strategy ETF (BITO), which debuted in October 2021 during a roaring market for crypto assets. BITO witnessed more than $1 billion in trading volume on its first day.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>VanEck Ethereum Strategy ETF set for CBOE listing<\/em><\/strong><\/p>\n<p>However, Balchunas noted that compared to a regular traditional finance ETF launch, the volume witnessed was actually \u201cquite a lot,\u201d though investors tend to prefer spot ETF products over futures.<\/p>\n<p>Balchunas explained that all of the products were scheduled for launch on the same day as the SEC wanted to prevent any one fund from gaining market domination.<\/p>\n<p>Meanwhile, while a range of United States firms jostled for pole position in the nascent Ether futures market, ETF firm Volatility Shares canceled its plans to list a similar product, saying that it \u201cdidn\u2019t see an opportunity\u201d at the current time.<\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>How to protect your crypto in a volatile market \u2014 Bitcoin OGs and experts weigh in<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/ethereum-futures-etfs-launch-low-volume-trading-first-day\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rush of excitement that accompanied the launch of nine new Ethereum futures exchange-traded funds&#8230;<\/p>\n","protected":false},"author":4,"featured_media":194443,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - 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