On October 2, nine Ethereum futures ETFs were launched in the US, but initial trading volumes were low according to industry experts. Eric Balchunas, a Bloomberg ETF analyst, said that the volume was “pretty meh” and less than $2 million had been traded by midday. This was compared to the first Bitcoin futures ETF, BITO, which did $200 million in the first 15 minutes.MV Capital CIO Tom Dunleavy said he was “always very confused why anyone thought this was bullish” and that the only thing that matters is spot buying, which a SPOT ETF facilitates. If ten or twelve spot ETFs are approved for BTC or ETH, it could mean $500 million to $1 billion in spot buying, which would be “extremely meaningful in terms of price action”.ETF Store President Nate Geraci said that issuers were feeling more confident in SEC approval of spot Bitcoin ETFs. Bitwise CIO Matt Hougan said he expects to see a spot bitcoin ETF this calendar year, while VanEck CEO Jan van Eck commented that it looks like early in 2024 we will probably see a spot product.ETH prices were not boosted by the launch of the first futures ETFs for the asset in America. Futures contracts do not invest directly in the asset, they use other futures contracts from the Chicago Mercantile Exchange, so they bear no weight on spot ETH prices. Ethereum has gone in the opposite direction, having lost 3.4% on the day, resulting in a fall to $1,667 at the time of writing. It is already dumping from its Monday pump to $1,735, and looks like it will return to support at $1,650. On October 2, nine Ethereum futures ETFs were launched in the US, but initial trading volumes were low according to industry experts. Eric Balchunas, a Bloomberg ETF analyst, said that the volume was “pretty meh” and less than $2 million had been traded by midday. This was compared to the first Bitcoin futures ETF, BITO, which did $200 million in the first 15 minutes. MV Capital CIO Tom Dunleavy said he was “always very confused why anyone thought this was bullish” and that the only thing that matters is spot buying, which a SPOT ETF facilitates. If ten or twelve spot ETFs are approved for BTC or ETH, it could mean $500 million to $1 billion in spot buying, which would be “extremely meaningful in terms of price action”. ETF Store President Nate Geraci said that issuers were feeling more confident in SEC approval of spot Bitcoin ETFs.ETH prices were not boosted by the launch of the first futures ETFs for the asset in America. Futures contracts do not invest directly in the asset, they use other futures contracts from the Chicago Mercantile Exchange, so they bear no weight on spot ETH prices. Ethereum has gone in the opposite direction, having lost 3.4% on the day, resulting in a fall to $1,667 at the time of writing. It is already dumping from its Monday pump to $1,735, and looks like it will return to support at $1,650. Industry experts have reported low initial trading volumes for the nine Ethereum futures ETFs launched on October 2 in the US. Bloomberg ETF analyst Eric Balchunas said the volume was “pretty meh” and less than $2 million had been traded by midday, compared to the first Bitcoin futures ETF, BITO, which did $200 million in the first 15 minutes. MV Capital CIO Tom Dunleavy said the only thing that matters is spot buying, which a SPOT ETF facilitates, and if ten or twelve spot ETFs are approved for BTC or ETH, it could mean $500 million to $1 billion in spot buying. ETF Store President Nate Geraci said that issuers were feeling more confident in SEC approval of spot Bitcoin ETFs. However, ETH prices were not boosted by the launch of the first futures ETFs for the asset in America, and have gone in the opposite direction, having lost 3.4% on the day, resulting in a fall to $1,667 at the time of writing.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Nate Geraci, Jan van Eck, Tom Dunleavy, Matt Hougan, Eric Balchunas |
| Companies | ProShares Bitcoin Strategy ETF, VanEck CEO, Bitwise CIO, Bloomberg ETF, MV Capital CIO |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
