Reviews are split so far on the launch of the Ethereum ETFs. After being approved to begin trading last month, it’s been a mixed bag with Grayscale’s converted trust continuing to shed millions of dollars to weigh on the new class of funds.
Bitwise, another crypto ETF issuer, has been at the forefront of the race of companies to establish their respective funds as favorites among investors. As with the launch of Bitcoin ETFs in January, it’s been a heated battle among issuers to establish any sort of a lead in inflows.
In a recent discussion, Scott Melker, Host of The Wolf of All Streets Podcast sat down with Matt Hougan, the Chief Investment Officer at Bitwise, about the early trading days of Ethereum ETFs and Bitwise’s strategic role in the industry. Hougan shared insights into Bitwise’s unique approach and how he feels about the more than a quarter of a billion dollars their Ethereum ETF (ETHW) has been able to capture.
Hougan emphasized the importance of education flowing between crypto and Wall Street. “We think it’s important that there’s a crypto native asset manager that’s competing in the space,” Hougan remarked.
The conversation shifted to the surprising approval of the Ethereum ETFs. Melker noted that Hougan had previously expressed a preference for a delayed approval, allowing the market to first absorb bitcoin ETFs. Despite this, Bitwise seized the opportunity, securing early positions in the Ethereum ETF market.
Hougan reflected on the success of these ETFs, stating, “The Ethereum futures ETFs really didn’t attract much demand, but these ETFs did.” So far, excluding the outflows from Grayscale’s converted Ethereum Trust, all of the Ethereum ETFs have attracted more than $2 billion in inflows.
Hougan shared, “They did a billion dollars of trading volume on their first day in the market.” That start is mostly unprecedented — save for the launch of the Bitcoin ETFs back in January.
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