Ethereum ETFs achieve impressive numbers a few days after launch

Ethereum ETFs achieve impressive numbers a few days after launch

Canadian regulators approved three Exchange Traded Funds (ETFs) earlier this week, and these products are off to an explosive start.

Just days after launch, the three Canadian ETFs recorded trading volumes of more than $ 138 million. The three ETFs from Purpose Investment, CI Global Asset Management and Evolve ETFs were traded on the Toronto Stock Exchange on Tuesday. The ETFs offer investors exposure to stocks that represent Ethereum without the hassle of holding the digital asset.

First day of the Canadian Ether ETF Derby ($ volume): 1. $ ETHX (Galaxy): $ 21M2. $ ETHH (purpose): $ 19M3. $ ETHR (Evolve): $ 3M (Notes: This is roughly a fifth of what the Bitcoin ETF did on day one. Also, most of the volume is bought on day one, so most of it is converted into assets.)

– Eric Balchunas (@EricBalchunas) April 21, 2021

While these numbers may seem impressive, it’s nothing compared to the ETFs that launched in Canada earlier this year. For example, Purpose’s Bitcoin ETF traded $ 80 million in its first house, while Evolve attracted more than $ 420 million in two days. However, this is a signal that there is strong market demand for crypto ETFs.

Ironically, the US is still pulling its feet up and not approving a crypto ETF. Industry participants hope that the US Securities and Exchange Commission will receive a notice from Canada and approve a product.

So far, the Financial Watchdog has eight high-profile Bitcoin ETF applications.

Read on about BTC peers

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