On the first day of trading, ether exchange-traded funds or ETFs generated almost 1.08 billion dollars in trading volume in a snowballing effect, amounting to about 23 per cent of what bitcoin ETFs saw on the opening day.
Here are some of the major developments in the world of crypto over the past few days.
On the first day of trading, ether exchange-traded funds or ETFs generated almost 1.08 billion dollars in trading volume in a snowballing effect, amounting to about 23 per cent of what bitcoin ETFs saw on the opening day.
According to the primary data released by Eric Balchunas, a Bloomberg ETF analyst, on July 23rd, the most volume was recorded by the converted grayscale Ethereum trust and BlackRock's iShares Ethereum trust, at 458 million dollars and 248.7 million dollars respectively.
The top 4 included the Fidelity Ethereum fund and bitwise Ethereum ETF, with 137.2 million dollars and 94.3 million dollars respectively. But 21Shares-issued spot ether etf came last, failing to reach the 10-million-dollar mark. These 'newborn eight' products, excluding GrayScale's ETHE, generating 625 million dollars were seen as 'healthy' according to Balchunas while he expects a 'sizeable chunk' to be converted into inflows.
Bloomberg ETF analyst James Seyffart estimates inflows of $125 million to $325 million, depending on the size of the pre-arranged investors. Spot Bitcoin ETFs witnessed $655.2 million in first-day inflows in January, and $95 million was an outflow from Grayscale's Bitcoin product. That move is after US securities regulators greenlighted S-1 forms for Nasdaq, NYSE Arca, and CBOE launches. Fidelity, 21Shares, Bitwise, Franklin, and VanEck are waiving ETF fees temporarily. Post that, spot Ether ETFs will cost 0.15%-0.25%, except ETHE at 2.5%. BlackRock charges 0.12% of the first $2.5 billion assets for 12 months, then 0.25%.
Mt. Gox Shifts $2.5 Billion in Bitcoin, Fanning Market Speculation
According to blockchain analytics platform Arkham Intelligence, defunct crypto exchange Mt. Gox has moved about 37,477 BTC into an unknown wallet. The transaction date was July 24, at 4:53 am UTC, when 5,106 BTC were later moved to another cold wallet owned by Mt. Gox. This comes less than a day after Mt. Gox moved $2.8 billion in BTC to multiple wallets on July 22, including $340 million to Bitstamp-associated wallets. Bitstamp is one of the five exchanges that is helping Mt. Gox's trustee return money to creditors.
It means more than 40 per cent of the Bitcoin debt owed to Mt. Gox creditors is already sold off, leaving only 60 per cent. The current payout is at around $5.6 billion. Mt. Gox, at present, owes close to $9 billion in Bitcoin to about 127,000 creditors who have been waiting for more than a decade to recover these funds following the 2014 collapse of the exchange caused by a security vulnerability.
Nansen Launches First Ether ETF Analytics Dashboard
Nansen, one of the biggest blockchain analytics providers, has launched a first-of-its-kind Ether exchange-traded fund (ETF) analytics dashboard for money players. This has been an offering of real-time performance for the newly launched US-based spot Ether ETFs, featuring an interactive ETF flow chart and total ETF issuer balances. This comes right after the regulatory nod from the U.S. SEC on July 22.
But some analysts are sceptical. "I think of Ether ETFs as more of a sidekick to the established, larger spot Bitcoin ETFs," said Eric Balchunas, a senior ETF analyst at Bloomberg.
It can, therefore, have a huge effect on the price of their underlying crypto assets. For instance, by 15th February, Bitcoin ETFs had accumulated nearly 75% of all new investments. A major reason which helped Bitcoin climb above $50,000. The Ether ETF dashboard from Nansen aims to add to the existing transparency in the blockchain space. It gives an overall perspective on the institutional ETF flows. This approach is, therefore, quite the opposite of the relatively less transparent Dune analytics dashboards or the ETF flow tables used in tracking spot Bitcoin ETF flows.