Live Markets: Ethereum, any takers?

Elis SA

06/09/2024 15:41

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    ETHEREUM, ANY TAKERS? 
    The launch of exchange traded funds tracking ethereum, the
world's second largest cryptocurrency behind bitcoin, was a
long-expected event for cryptocurency traders. 
    However, the uptake for these funds has so far been less
than stellar, especially when compared to the blockbuster launch
of ETFs tracking spot bitcoin. 
    As of August, assets under management for spot ether ETFs
totaled nearly $7 billion, according to TrackInsight data. 
    As of September 5, BlackRock's iShares Ethereum Trust
 ETHA.O  had about $796.62 million in assets under management.
Comparatively, the firm's spot bitcoin product had reached $1
billion in AUM within its first four days of trading.
    Trading for ether itself hasn't been robust either, with
CCData reporting that ether futures and options trading volumes
on the CME exchange, favored by institutional investors, fell
28.7% and 37.0% respectively in August. 
    That was the lowest ether futures volume on the exchange
since December 2023, according to CCData. 
    "This decline in trading volumes for ETH instruments
suggests lower-than-expected institutional interest in the
asset, following the launch of spot ETH ETFs in late May,"
CCData analysts said. 
    VanEck analysts note that ethereum has struggled this year,
calling its underperformance "one of the most confounding
topics" in the digital asset space. 
    It's worth noting, of course that August was a difficult
month for risk assets as the unwinding of the yen carry trade
and worries about global growth sparked sharp volatility. 
    Ether prices slumped over 22% in August, its worst month
since June 2022 and has fallen nearly 7% so far in September.
Bitcoin fell about 9% in August. 
    
    (Lisa Mattackal)
    *****
    
   
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