The post Spot Ethereum ETFs hit $1 billion trading volume on day one appeared on BitcoinEthereumNews.com.

Spot Ethereum ETFs hit the ground running, blowing past $1 billion in trading volume within a single day. Just like Bitcoin ETFs back in January, Ethereum’s new ETFs have had an explosive start.  In the first 15 minutes of trading, the ETFs saw an incredible $120 million in volume. Yet, Ether’s price hasn’t skyrocketed as many expected. At the moment, ETH is trading at $3,478.30, a modest 1% increase in 24 hours.  Bitcoin had a similar start, with good ETF trading but no immediate price surge. It took Bitcoin a few weeks to pick up and over a month to hit an all-time high. If Ethereum follows Bitcoin’s pattern, we could see a big jump in August. Before the launch of Ethereum ETFs, analysts were already optimistic about it. At least for Q4 2024. The first-day trading activity only added to their excitement.  Analysts believe that ETH needs to break a resistance level around $3,730 to see a price boom that breaks all-time high. Andrew Kang warned us of a possible dip after the launch as Bitcoin might perform better in the short term.  Bloomberg’s Eric Balchunas speculated that if BlackRock’s Ethereum ETF hits over $200 million in trading volume, it could exceed expectations and capture more than 20% of Bitcoin’s inflows. Nate Geraci said: “That said, even if spot ether ETFs only pull-in 20-25% of the assets of spot bitcoin ETFs, that would be a highly successful result and one that I think is absolutely achievable.” Some analysts expected a brief decline in Ethereum prices post-ETF launch, similar to Bitcoin’s behavior earlier this year. But they believe it will rebound above the $3,730 level. Others suggest that the ETFs could trigger a significant bull run for Ethereum, predicting inflows of around $15 billion within the first 18 months of…

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Filed under: News - @ July 24, 2024 12:26 am