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Following the spot Bitcoin ETFs launched in January, spot Ethereum ETFs were also opened for trading yesterday, July 23.
Ethereum ETFs also got off to a flawless start, with an inflow of $107 million, although not as much as BTC.
We have entered a new era with Ethereum ETFs!
While this success of ETH ETFs was appreciated by the market, Bitwise CIO Matt Hougan said that spot Ethereum ETFs marked the beginning of a new era for crypto investment.
Stating that a new era has entered crypto ETFs with ETH, Matt Hougan argued that there may be more than one cryptocurrency-based ETFs by 2025.
Speaking to Bloomberg, Hougan claimed that Ethereum ETFs are paving the way for more crypto ETFs, including the Solana (SOL) ETF.
“Longer term, as we look to 2025, we have entered a new crypto ETF era with spot Ethereum ETFs. We will see ETFs for multiple cryptocurrencies; we will see index-based ETFs.
As it is known, there are applications made by VanEck and 21Shares for Solana ETFs. This increases the chances of other altcoins finding a place in the ETF market.”
Ethereum Exceeded My Expectations!
Commenting on ETF inflows, Hougan stated that Ethereum ETFs, including Bitwise's own ETH ETF (ETHW), exceeded expectations.
Pointing out that ETHW saw an inflow of over 200 million dollars on the first day alone, Hougan said:
“Honestly, it exceeded my expectations until the Ethereum ETFs dinner.
We've traded nearly half a billion dollars in these new ETFs. By comparison, the average ETF trades around a million dollars on launch day.
“This significant trading volume positions Ethereum ETFs as one of the most successful ETF launches in history, second only to Bitcoin ETFs.”
*This is not investment advice.