Ether ETFs start trading, first income stream data revealed
Ethereum exchange-traded funds (ETFs) are now publicly traded on stock exchanges, and preliminary earnings data for the first 15 minutes of trading have been revealed by analysts.
According to Eric Balchunas, senior ETF analyst at Bloomberg, Bitwise outperformed its competitors and recorded $25.5 million in capital inflows in the first quarter hour of trading, second only to Grayscale Ethereum Trust, which was created in 2017.
According to a Bloomberg analyst, total trading into the nine Ethereum investment vehicles reached $112 million in the first 15 minutes of trading.
While current flows into Ethereum ETFs equal about half of the inflows seen on the opening day of the Bitcoin ETF, Balchunas noted that the volume of inflows is still higher than expected.
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Despite the launch of the much-anticipated Ethereum ETF and the initial revenue of 112 million dollars, the price of ether has decreased since the trading day.
Related: Ethereum ETF revenues could hit $10B, sending ETH to new high – Analyst
Ether (ETH) started the day's trading at roughly $3,540 before falling to a low of $3,426. It has managed to gain some ground and is currently trading around $3,471.
Hot competition among ETF issuers
To attract investors, most of the nine Ethereum ETF issuers have reduced fees or eliminated them for a period of time, highlighting the competition among issuers.
In a July 17 filing with the Securities and Exchange Commission, 21Shares said it plans to waive trading fees for the first six months and then drop a 0.21% management fee after the six-month period.
BlackRock employs a similar discount structure, introducing an initial management fee of 0.12% that rises to 0.25% after one year or ETF's assets under management reach $2.5 billion.
Bitwise has partnered with the Protocol Guild, which represents over 170 Ethereum developers, to support Ethereum developers using a unique strategy of pledging 10% of its Ether profits.
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