Bitwise Ethereum Spot ETF Challenges BlackRock's Dominance in Trading Volume

IconCryptoNewsTerminal Staff31 Jul, 2024

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Bitwise Ethereum Spot ETF Challenges BlackRock's Dominance in Trading Volume

Bitwise, a popular cryptocurrency exchange-traded fund (ETF) provider, has made a significant move in the Ethereum market, briefly overtaking BlackRock's iShares Ethereum Spot ETF (ETHA) in cumulative trading volume. According to data from Nansen, Bitwise's Ethereum Spot ETF (ETHW) has surged in popularity since its inception in July 2023, with its trading volume surpassing that of BlackRock's ETHA ETF. This development has intensified competition between Bitwise and BlackRock, two leading players in the ETF industry. Notably, Bitwise has employed a strategic approach to attract traders, waiving management fees for the first six months of ETHW's existence. This move has likely contributed to the ETF's strong initial performance. The success of Bitwise's ETHW ETF highlights the growing interest in Ethereum, the second-largest cryptocurrency by market capitalization. As Ethereum continues to evolve and gain wider adoption, it is likely that the competition between Bitwise and BlackRock for trading volume will only intensify, further benefiting investors in the cryptocurrency market.

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