Since the SEC approved Spot Ethereum ETFs, the buzz among the community helped ETH rally. Last week, Bloomberg’s Eric Balchunas predicted that Ethereum ETFs would begin trading on July 23, 2024. Today, that has become a reality. The launch marks the second crypto-based ETF in the United States after the Bitcoin ETF went live in January.
Ethereum ETFs officially begin trading
The United States Securities and Exchange Commission (SEC) authorized S-1 filings to become effective on Monday afternoon. This final step allowed the ETH products to go live today.
In a tweet on Monday by Eric Balchunas, Jay Jacobs, BlackRock’s U.S. head of thematic and active ETFs, said, “While many see Bitcoin’s key appeal in its scarcity, many find Ethereum’s appeal in its utility. you could think of Ethereum as a global platform for applications that run without decentralized intermediaries”
Coinbase’s CEO Brian Armstrong has celebrated the launch, saying, “Coinbase is proud to be the trusted partner and custodian powering 8 of the 9 newly approved ETH ETFs.”
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There has been a battle with the SEC concerning Ethereum. To that end, Brian Armstrong says, “Another huge step forward for regulatory clarity: ETH is not a security! We’ve been saying it for years, and today, the SEC finally made it official.”
Bitcoin had 11 entities offering ETFs. Ethereum has 8 namely Grayscale (NYSE: ETH), Franklin Templeton(CBOE: EZET), VanEck (CBOE: ETHV), Bitwise (NYSE: ETHW), 21Shares (CBOE: CETH), Fidelity (CBOE: FETH), iShare (NASDAQ: ETHA), and Invesco (CBOE: QETH).
Balchunas posted on X that ETH ETFs made $112m in the first 15 minutes of trading.
Here’s volume after first 15 minutes of trading. Total of $112m traded for the group (which is A TON vs a normal ETF launch but only about half of what bitcoin ETFs’ volume pace was on DAY ONE, altho 50% would exceed expectations IMO). Also Bitwise outperforming early. pic.twitter.com/RoN9J1VoP1
— Eric Balchunas (@EricBalchunas) July 23, 2024
According to CoinGecko, Ethereum (ETH) is currently worth $3,481.06, up 0.1% from an hour ago and 0.9% from yesterday. Today, ETH’s value is 2.1% higher than seven days ago.
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