1.5 Trillion Won Deal... BlackRock Holds the Largest Share
More than $100 million flowed into the Ethereum spot exchange-traded fund (ETF) on its first day of trading.
According to Bloomberg on the 24th (local time), the net inflow into the Ethereum spot ETF was approximately $107 million (about 148.1 billion KRW). The cumulative trading volume reached $1.08 billion (about 1.4947 trillion KRW).
The largest inflow was into BlackRock, the world's largest asset management company, with $267 million. This was followed by Bitwise with $204 million and Fidelity with $71 million.
On the other hand, Grayscale Investments, which converted from an existing trust product to an ETF, saw an outflow of about $484 million. When the Bitcoin spot ETF was launched in January this year, investors also massively exited Grayscale in search of lower-fee products.
On the first day of Bitcoin spot ETF trading last January, the net inflow was $625 million. The cumulative trading volume reached $4.5 billion. The current net inflow of the Bitcoin spot ETF is around $17 billion. Compared to the Bitcoin ETF, the net inflow of the Ethereum spot ETF is about one-sixth, and the trading volume is about one-fourth.
Bloomberg stated, "Ethereum is the second largest cryptocurrency and popular in blockchain-based financial services, but its market value still does not reach one-third of Bitcoin's. It is expected to have lower inflows compared to the Bitcoin ETF."
At around 7:45 PM Eastern Time on the same day, the price per Ethereum was $3,332.15, down 4.54% from the previous day. Bitcoin was $65,369.64, down 0.83% from the previous day.
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