The Bullish Case for Ethereum ETFs: Record-Breaking First Day Trading Volume

we all have been waiting for this ethereum ETFs trading from a long time and today it finally went live and made a historic first day.

I remember last year SEC and ethereum had so much beef like they were calling ethereum a security which increased the chances of ETFs getting rejected but everyone were surprised when they approved it and now after months later trading is live.

Now the tradfi people can buy ethereum without hustle because they're going to receive calls from BlackRock and other ETFs to invest in ether.

So, technically every day or month they'll dial numbers and old people getting pension to young one's everyone will have option to buy ethereum, bitcoin ETFs with rest of others which makes this more bullish for the coins X BTC or ETH, doesn't benefit any other Altcoins except ethereum beta.

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More than $1.3 Billion Volume on first day for ETH ETFs

The numbers of first day just came in and it is more than expected volume. Eth ETFs surpassed $1 billion volume on the first day and did 20% of BTC first day ETFs volume which is honestly more than too much.

_Source

Now the crucial part is going to be outflows Vs inflows ratio. I believe gray-scale Eth etf is obviously net negative while others ether ETFs like BlackRock, fidelity, bitwise are + positive inflows.

So it makes sense that there will be over $600 million worth of inflow on ethereum ETFs today and the price have barely moved.

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How Ethereum is a No-brainer Trade?

We've seen how bitcoin went from 47k to 38k when the etf trading went live and that was sell the news event for a short term.

Now with ethereum it turned out "neutral" on the first day.. it didn't went down like bitcoin nor it went up as it should.

Means price is stable but there's a lot of increased demand for eth.

This trade is no brainer like it is obviously going a lot higher from this range in the coming weeks

This vertical accumulation is on all the charts and it can't be more bullish than Eth with this ETFs catalyst.

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I'm more interested in ETH beta

Ether ETFs is only going to benefit some ethereum based altcoins like "ENS, OP, ARB, STRK, LDO, BLUR, ethfi" etc.

You need to know about the strongest Eth beta and it is currently ENS

It's market cap is quite low and can be next ORDI that went from $13 to 70+ just over the months and ens seems to be repeating it.

Well, as long as Eth ETFs are being talked on the X you should keep holding some of strongest Eth based performer.

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Wrapping Up...

In the end I'm still watching out how ethereum moving either way will effects altcoins.. it's been said a lot of time that Altcoins bull run will begin once Eth takes off.

But this cycle is more focused on ETFs and major coins like BTC, ETH Sol and than memecoins.

Vc's need to do something at this point to make other things interesting except ETFs. Hopefully you found this interesting and would love to know what you think about it in the comments.

fin.

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_{Thanks for reading.Greetings.}

All the content and images are mine except indicated. No copyright infringement intended. 23/07/2024.

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