Ethereum ETF Frenzy – $1 Billion Traded Within 24 Hours. What’s Next for Ethereum?
ETH ETF Surpasses $1 Billion in Trading Volume
After a long wait, Ethereum exchange-traded funds (ETFs) [ETH] finally launched on July 23. The approval of ETH ETFs has generated significant optimism among investors.
Record-Breaking Trading Volumes
The CBOE approved nine ETH ETFs last week, which were released for trading on the NYSE. In the first hours of trading, volumes exceeded $1 billion, surprising the market and indicating a strong demand for Ethereum ETFs.
During the initial trading hours, Ishares ETH Trust (ETHA) achieved 25% higher volume than its counterpart IBIT, highlighting the high demand for Ethereum ETFs.
Increased Whale Activity
Since the announcement of the start of trading, ETH ETFs have led to increased whale activity, signaling confidence in the altcoin’s direction and potential prospects.
Impact on Price Charts
Despite the positive trading volume, ETH prices have fallen by 12% since pre-approval. The approval of Ether ETFs has not had a positive impact on the price charts.
However, the overall market sentiment remains positive, as indicated by the MACD and AO indicators.
