1 min readThe long awaited Spot ETH ETFs launched earlier this week on the 23rd of July.
The first day saw 1.1 billion dollars of volume across the 9 ETFs, placing it in the top 1% of ETF launches for any asset ever. However, it wasn’t all positives. The incumbent Grayscale Ethereum Trust has seen roughly $1 billion dollars of outflows, and the net flow total for all issuers stands roughly flat to negative, weighing on prices.
The outflows weren't unexpected. The launch of the Spot Bitcoin ETFs saw a similar story initially. We would expect that as the Grayscale outflows slow for ETH, material flows into other issuers would be positive for price.
In other news, the nasdaq saw its worst close in over 18 months as the tech rout wiped over $1 trillion dollars of market cap, with 750 billion coming purely from the magnificent seven. Weak earnings from Tesla and Alphabet contributed to what already seemed like a local turning point of an overextended market.
On the Fed front, the market is at present, pricing in a first cut in September as a near certainty.
