ETH Spot ETF's Trading Volume Surges to $850 Million Within Three Trading Days

IconCryptoNewsTerminal Staff25 Jul, 2024

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ETH Spot ETF's Trading Volume Surges to $850 Million Within Three Trading Days

The Ethereum Spot ETF has amassed a trading volume of $850 million on just its third day of trading, according to data from The Block. The ETF's debut on December 23rd was marked by an impressive daily trading volume of over $1 billion, followed by $950 million on its second day. Analysts believe that the recent decline in Ethereum's price is a contributing factor to the surge in trading volume for the ETF. Juan Leon, an analyst at Bitwise, attributes the price drop to a "sell-the-news" event following the launch of the Bitcoin Spot ETF, as well as significant outflows from GBTC. However, Leon anticipates an upward price trajectory as inflows into other ETPs increase. At the time of writing, ETH is trading at $3,161.00, representing a 6.10% decrease, as per CoinMarketCap.

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