Following spot Bitcoin ETFs in the USA, spot Ethereum ETFs were finally opened for trading today.
While Ethereum is ahead of Bitcoin, which has undergone a successful ETF process, it is estimated that there will be significant inflows into ETH ETFs, although not as much as BTC.
At this point, while analysts think that ETFs will cause the ETH price to rise, if not at first, Matt Hougan, one of Bitwise managers, also stated that he thinks the Ethereum price will exceed $ 5,000 within a few months after the ETFs are opened for transactions.
Matt Hougan made a new post from his X account shortly before the ETFs opened for trading.
Matt Hougan noted that pre-session trading in Ethereum ETFs was much less compared to pre-session trading on the first day of Bitcoin ETFs.
Stating that although ETH transactions are small compared to BTC, it is good to see the trading activities of the largest market players, Hougan said that investors deserve ETFs.
Stating that he does not agree with the rumors that Bitcoin ETF investors will switch to ETH with ETH ETFs or that Bitcoin investors will not buy ETFs, Hougan said: “People will add ETH to their BTC. They will not replace one with the other.” said.
“Pre-market trading of ETH ETFs is significantly lighter than pre-market trading of BTC ETPs on launch day. Still, it is good to see trading activity from the largest players expected in pre-market.”
ETFs are great. Their great promise is to allow ordinary investors to access the market on the same terms as the largest institutional investors in the world. This is what we all deserve. “Today we see this in effect once again.”
Pre-market trading of ETH ETPs is significantly lighter than pre-market trading of BTC ETPs on launch day. Still, good to see trading activity in the biggest expected players pre-market.
— Matt Hougan (@Matt_Hougan) July 23, 2024
*This is not investment advice.
