On July 23rd, Ethereum ETFs went live, and the market erupted. Within hours, trading volumes increased from $110M to $600M, with the day finishing at more than $1B.
Ishares ETH Trust (ETHA) led the pack with $694.5M, outperforming its counterpart IBIT. Analysts are thrilled, and even Eric Balchunas highlighted that ETH ETFs had a higher trading volume than other debuts.
Whale activity also increased significantly — with a 64% rise in ETH transfers over $100,000 since the approval. This indicates investor confidence and expected price increases for Ethereum.
Yet, despite high volumes, ETH closed at $3449, a slight 0.06% dip in 24 hours. Weekly, it’s down 1.10%. Post-approval, volume fell to 18.57% from 30% pre-approval.
While prices dipped, market sentiment stayed positive. MACD and AO indicators show short-term trends outpacing long-term ones.
Social media buzz is off the charts. The crypto community eagerly awaits the next moves as ETH continues to capture attention.
