Ether futures ETFs saw lackluster demand since going live on Monday, registering only 0.2% of bitcoin futures ETFs' 2021 launch volume.
Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank ChaparroEther futures ETFs have seen lackluster demand since going live on Monday, registering only 0.2% of bitcoin futures ETFs’ 2021 launch volume.
The much-anticipated launch of ether futures-based ETFs turned out to be something of a damp squib, registering just 0.2% of the"We believe it's time to pull the breaks on ETH and rotate back into BTC," K33 Research Senior Analyst Vetle Lunde and Vice President Anders Helseth noted in their latest, almost two years after the first bitcoin futures ETF, offering investors exposure to the assets without needing a crypto custodian, exchange account or wallet.
While the bitcoin futures ETFs had the advantage of launching during a peak bull market, the ether ETFs' performance was still unexpectedly weak, the analysts said, registering just $8.5 million in post-launch day assets under management, compared to bitcoin’s $576.5 million.CME traders tried to front-run the ether futures ETFs launch, expecting a stronger debut than transpired, Lunde and Helseth wrote.
However, K33 remains optimistic about the long-term implications for ether."The floodgates have been opened, and although there was no liquidity waiting on the other side, this may change fast when the broader market sentiment eventually turns," they wrote.Despite the underwhelming ether futures ETFs launch, bitcoin and ether both saw a rise of approximately 5% over the past week, though prices were up nearer 10% before the ETF launches.
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