When it comes to crypto assets becoming mainstream, institutional investors getting into the game and gaining the trust of traditional individual investors, spot ETFs come to mind first. Spot ETFs are considered an important turning point for Bitcoin and then for cryptocurrency markets. With the introduction of spot Bitcoin ETFs, Bitcoin reached new investors through large companies and achieved a significant amount of volume.
Spot Bitcoin ETFs have continuously maintained their impact since the day they were launched. There have been significant increases in volumes and cash inflows, as well as declines. Although there was selling pressure from Grayscale in the first months, the market stabilised in the following weeks and more stable data emerged. As ETFs have become indispensable for Bitcoin, its correlation with traditional markets has also increased. However, Bitcoin, which was underestimated by many lawmakers and countries, proved its size and permanence with this development.
Spot Bitcoin ETFs were not the last step. Immediately after the approval, discussions began for Ethereum and, as expected, applications were made for spot Ether ETFs. Following the performance of Bitcoin ETFs, companies also took action for Ethereum and applications were made for 9 different spot Ether ETFs.
Whether the SEC would accept spot Ether ETFs was a big debate. Although hopes were not high, an unexpected statement changed the whole process and approval came soon after.
When the ETFs opened for trading, the first day was completed with data that met expectations. The $1 billion trading volume was exceeded and officials shared the joy of success. Although the success of Spot Ether ETFs was overshadowed by the intensity of the agenda, it continued to exist with its own internal dynamics.
How are spot Ether ETFs performing?
As we left behind 6 days of spot Ether trading days, market conditions and turbulence also had an impact here.
On the first day, spot Ether ETFs closed at a plus of $107 million. While a volume of $ 1.1 billion was reached, a total of $ 10 billion of Ether ETFs came under the control of companies.
On the second day, Grayscale saw a minus of $ 133 million under pressure from biased outflows. Spot Ether ETFs, which were cumulatively negative $ 26 million, still ended the day with a trading volume of over $ 1 billion.
On the third day, outflows increased and a minus of $ 152 million was seen. Spot Ether ETFs, which were cumulatively negative $ 178 million, fell below $ 1 billion and closed the day with a volume of $ 950 million.
On the fourth day, outflows increased and closed $ 162 million negative. Cumulative data reached -340 million dollars. The daily volume was around $950 million.
On the fifth day, outflows decreased slightly. While a minus of $ 98 million was realised, cumulatively it reached $ -440 million. Daily volume decreased to $ 770 million.
On the sixth day, spot Ether ETFs started to increase again. Daily data was completed at a plus of $ 33 million. Volume almost halved compared to the first day to $548 million. Currently, there is $ 9.17 billion of ETH in spot Ether ETFs.
