$112M in Trading Volume Within 15 Minutes Post-SEC Approval
The post $112M in Trading Volume Within 15 Minutes Post-SEC Approval appeared on BitcoinEthereumNews.com.
Following the SEC greenlight to commence trading, nine Ethereum spot exchange-traded funds have recorded $112 million in volume in under 15 minutes of trading. On Monday, the U.S. SEC approved the registration statements of nine Ethereum spot ETFs, allowing the products to commence trading. The agency disclosed that S-1 applications of Ethereum ETF seekers became effective on July 22. Notably, the effectiveness applies to Invesco & Galaxy, Fidelity, 21Shares, Franklin, BlackRock, Grayscale, Bitwise, VanEck, and Grayscale Mini ETF filings. Ethereum Spot ETFs Permitted to Trade The SEC’s latest endorsement follows multiple rounds of amendments to issuers’ S-1 applications in recent weeks after the initial approvals in late May. It marked the culmination of a years-long effort to bring Ethereum ETFs to the market following the regulator’s greenlight of Bitcoin ETFs in January. By wrapping Ethereum in an ETF, the funds become more accessible to traditional investors, who can buy and sell them through their usual brokerage accounts. “We’ve now fully entered the exchange-traded funds era of crypto,” exclaimed Matt Hougan, chief investment officer at Bitwise, in a statement. The success of Bitcoin ETFs, which have drawn in tens of billions of dollars in investment since their January debut, suggests a similar trajectory for ether ETFs. Ethereum Spot ETFs Record $112M Volume Under 15 Minutes Interestingly, the newly approved Ethereum ETFs have already seen a significant influx of capital, with trading data revealing a remarkable start. In a post on X, Bloomberg’s senior ETF analyst Eric Balchunas called attention to the latest trading data. The report revealed that the group had seen a total of $112 million in trading volume within the first 15 minutes, a substantial amount compared to a typical ETF launch. Although the figure is only about half the volume pace seen on the first day of Bitcoin…
Filed under: News - @ July 24, 2024 3:18 am