The Ethereum spot ETF has finally been approved by the U.S. Securities and Exchange Commission (hereinafter referred to as the U.S. SEC), and the Ethereum digital asset has ushered in a milestone moment!
At 9:30 a.m. Eastern Time on July 23, 2024, 9 Ethereum spot ETFs were officially launched for trading in the U.S. securities market. They are:
1. Chicago Board Options Exchange (hereinafter referred to as CBOE Exchange) :
2. Nasdaq Exchange:
3. New York Stock Exchange Arca Electronic Trading Platform (NYSE's Arca):
Additionally, the SEC has approved Grayscale’s transfer of the Grayscale Ethereum Trust (ticker ETHE ) converted to Ethereum spot ETF trading.
The above-mentioned Ethereum spot ETFs were open for trading for about 2 hours on the first trading day, with a total transaction volume of approximately US$434 million. The highest transaction volume was Grayscale Ethereum Trust (trading code ETHE), with an inflow of US$177.2 million; transaction volume The lowest is the 21Shares Core Ethereum ETF (ticker CETH) at just $4.69 million.
Media reported that Bloomberg ETF analyst Eric Balchunas said that 15 minutes after the U.S. Ethereum spot ETF started trading, the total transaction volume reached $112 million. That’s a huge number compared to a normal ETF launch, but only about half of the first-day volume of the U.S. Bitcoin spot ETF.
The opening price of VanEck Ethereum ETF (trading code ETHV) reached $50.06 on the first day of listing, the highest among the first batch of officially listed Ethereum spot ETFs; the opening price of Grayscale Ethereum Mini Trust (trading code ETH) was the lowest, only It has $3.26, and due to its low share price, it has become the Ethereum spot ETF with the most transactions. The average price of other Ethereum spot ETFs is around $20~30.
However, the Ethereum digital asset ETH experienced a slight increase after the Ethereum spot ETF started trading, but its performance was lackluster. As of 0:00 on July 24, 2024 (Singapore time), ETH increased by 0.46% on the day, with a market value of approximately US$3,455.2.
US Ethereum spot ETFs are all initiated by asset management companies. Qualified custodians hold spot ETH and rely on professional market makers to create and redeem shares.
However, individual Ethereum spot ETFs have slightly different rates, but in actual trading, most ETFs may waive fees or provide discounts on rates. The actual investment rates for retail traders trading ETFs may also vary from the discounts given by the selected securities brokers.
The following are the basic rates of Ethereum spot ETFs compiled based on public information:
Overall, the first U.S. stock market listings and upcoming listings Ethereum spot ETF issuers have maintained fees around 0.25% for upcoming products. The one with the highest fees is Grayscale, which sets fees at 2.5%, 10 times the fees of most other Ethereum spot ETF issuers.
No one will participate in staking.
According to reports from Cointelegraph.com, it is reported that in early 2024, sponsors of Ethereum spot ETFs such as Fidelity, BlackRock, and Franklin Templeton sought approval from the U.S. Securities and Exchange Commission (hereinafter referred to as the U.S. SEC) to list Ethereum spot ETFs. to increase pledges, but the US SEC rejected these requests.
Cointelegraph.com learned from anonymous people involved in the negotiations to join the staking process that the rejection of the staking request was also due to the fact that it often takes days to withdraw ETH from the beacon chain, but as the issuer of the ETF, the ETF can be redeemed in a timely manner. Shares in exchange for fund assets is a requirement that must be met.
Matt Hougan, chief investment officer of Bitwise, once said in an interview with the media: "We have now fully entered the ETF era of blockchain digital assets. Investors can now use low-cost ETFs Entering the digital asset market, which accounts for about 70% of the market. "
"As early as 2021, we were the first to apply for an Ethereum ETF. We have long believed that investors should be exposed to Ethereum through tools they find convenient and familiar. "Kyle DaCruz, head of digital assets at VanEck, once said: "If BTC is digital gold, then Ethereum is the open source app store and the gateway to thousands of applications that leverage blockchain technology."
Research firm Steno Research has predicted that the capital inflow of the Ethereum spot ETF listed on the U.S. securities market in the first year may reach 15 billion to 20 billion U.S. dollars, which is roughly equivalent to the capital inflow of the U.S. Bitcoin spot ETF within 7 months.
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