ETF investment products for the two cryptocurrencies Bitcoin and Ethereum had mixed performances during the trading session on July 23, 2024 (US time).

Ethereum ETF welcomes inflow

As reported, the US Securities Commission (SEC) approved 9 Ethereum ETF proposals to open for trading on July 23.

After the end of the first trading day, new crypto investment products for Wall Street all recorded quite impressive achievements. According to Bloomberg's summary of ETF analysts, Ethereum ETFs reached a trading volume of more than 1 billion USD in the July 23 session.

DAY ONE in the books for Eth ETFs who did $1b in total volume, which is 23% of what the spot bitcoin ETFs on their first Day and $ETHA did 25% of $IBIT's volume. The gap between $ETHE and The Newborn Eight is a healthy +$625m (a sizable chunk of which *should* convert to inflow pic.twitter.com/jaP4dKLrOs— Eric Balchunas (@EricBalchunas) July 23, 2024

Leading the way is Grayscale's ETHE fund with 458 million USD in trading volume, but this is mostly outflow because ETHE has an annual management fee of up to 2.5%, 10 times higher than other products. other products.

Next are BlackRock's ETHA and Fidelity's FETH with trading volumes of 248.7 and 137.3 million USD, respectively. The remaining ETFs also recorded successful first days with volumes ranging from 8 to 94 million USD.

For comparison, if not counting the group of Bitcoin ETFs, which reached a total volume of up to 4.6 billion USD on the first day of trading, Ethereum ETFs would still be among the top ETFs with a high initial trading volume. Best among products launched on the US stock market in the past year.

I was curious how the Eth ETFs would rank in Day One volume vs all 600 or so new launches in the past 12mo but *excluding* the btc ETFs and $ETHA would be #1 (by a lot), $FETH #2, $ ETHW #5 and $ETH 7th, and $ETHV in 13th spot. And $CETH, which was lowest among group, would still… pic.twitter.com/qXJFcuupi5— Eric Balchunas (@EricBalchunas) July 23, 2024

Meanwhile, the inflow and outflow data of Ethereum ETFs shows a different picture. Specifically, Grayscale's ETHE is the only name with an outflow with an overwhelming value of 484.1 million USD, exactly as previously predicted that Grayscale investors transferred assets to other ETFs with lower fees. The remaining funds all recorded inflows, led by BlackRock's ETHA with 266.5 million USD, Bitwise's ETHW with 204 million USD, Fidelity's FETH with 71.3 million USD,...

In total, Ethereum ETFs had a successful first day of trading with a net inflow of $106.6 million.

Wall Street giants in recent days have continuously made many moves to attract investors both from the traditional finance industry and the crypto world to their products, including waiving management fees for 6 months. Initially, posting promotional information praising Ethereum, until accepting solutions developed on the ETH platform such as Ethereum Name Service (ENS) or the Pudgy Penguins NFT collection.

In contrast, another asset management giant, Vanguard Group, continues to maintain its no-crypto stance by refusing to let customers trade the Ethereum ETF, similar to its previous move with the Bitcoin ETF in January. Vanguard believes that crypto is a highly volatile asset group and does not fit the company's long-term investment philosophy.

The new Ether ETFs will NOT be available for purchase on Vanguard's platform. Not exactly a shocker, given their bitcoin ETF ban, but confirmed nonetheless. Here's official company statement: pic.twitter.com/tUQZ30NxsT— Eric Balchunas (@EricBalchunas) July 23, 2024

The ETH price had another volatile trading day in the past 12 hours, rising to $3,541 in the hours before the Ethereum ETF opened for trading, then falling deeply to $3,389 before recovering to $3,450 at the time of trading. Reply.

Bitcoin ETF breaks 12-day inflow streak

Returning to Bitcoin, ETF funds dedicated to the world's largest cryptocurrency, after recording cash flow for 12 consecutive days since the beginning of July, finally had a circuit breaker in the session on July 23 with a net outflow. 78 million USD.

Specifically, although Grayscale's GBTC outflow was only 27.3 million USD, the majority of the cash flow sold unexpectedly came from BlackRock's IBIT, Biwise's BITB and ARK Invest's ARKB with 71.9 respectively. , 70.3 and 52.3 million USD.

Thus, the Bitcoin ETF has not yet been able to break the inflow record of 19 consecutive days like what it did in late May and early June - despite significant efforts in recent times, culminating in the increase in inflow. to 526.7 million USD of IBIT fund on July 23.

The reason for the overwhelming outflow again may stem from the information that Kraken exchange has begun distributing more than 3 billion USD in Bitcoin to users according to Mt. Gox.

BTC price in recent hours has also dropped from the $68,200 area to $65,400 when fears of selling from Kraken/Mt. Gox covers the market.