Ethereum’s performance is particularly reflective of current market sentiments.
Grayscale’s Managing Director John Hoffman expressed optimism about the future regulatory environment for crypto ETFs. He highlighted that with 53 million Americans owning crypto and upcoming elections, the topic is gaining importance at the highest levels of government.
The correlation between Nvidia stock and Bitcoin has been remarkably strong since both bottomed out in late 2022.
The positive inflow is attributed primarily to a reduction in withdrawals from Grayscale’s Ethereum Trust (ETHE).
Cohen explained that Bitcoin and Ethereum have met the financial giant’s expectations, and no other crypto has attained the same level of investor interest and demand.
In the pre-market on Monday, Coinbase and other Bitcoin mining firms saw their stock prices rally anywhere between 3.5-4.5%.
At the forefront of this positive trend are BlackRock’s ETHA and Fidelity’s FETH which both saw considerable amounts of capital inflow last week.
Bitwise’s move to promote their Ethereum ETF with a banner on the NYSE is not just a marketing tactic but a declaration of confidence in the future of ETH.
Meanwhile, the 11 spot Bitcoin ETFs in the US have continued to see rising demand. Since their launch in January, these funds have accumulated a net inflow of $17.54 billion.
The launch of the spot Bitcoin ETFs in the United States has been a highly successful event with assets under management close to $55 billion within six months of launch.
Ark Invest’s current ARKB holdings in the ARKW ETF have a value of $162.5 million.
Hashdex’s filing follows closely on the heels of the recent approval for spot Ethereum ETFs to start trading on July 23.
Industry experts believe that SOL is an appealing candidate for future ETFs due to its unique market position and technological advancements.
The 30-day co-efficient of Bitcoin and the MSCI index for global equities is falling towards minus 0.20. This is a rare occurrence as the measure has stayed typically positive since 2020.
The US-based spot Ethereum ETFs scooped $107 million on the first day despite the notable cash outflow from Grayscale’s ETHE.