- All nine ETFs combined had trading volume of less than $2M on their first day of operation.
- Ahead of the competition, Volatility Shares was set to launch the first ETH futures ETF.
Exchange-traded fund (ETF) provider Volatility Shares postponed the debut of their Ether futures ETF on October 2 due to market conditions. After being questioned whether there were still intentions to introduce an ETH futures ETF, company’s co-founder and president, Justin Young said, “Of course,” adding, “plans are TBD.”
Futures contracts on Ether are agreements to buy or sell the cryptocurrency at a certain price at a future date. Investors may participate in the ETH market without having to store or secure any ETH themselves.
Lackluster Debut
Ahead of the competition, Volatility Shares was set to launch the first ETH futures ETF. The first of these products was supposed to be approved by the U.S SEC on October 12, however the SEC allegedly moved forward the date of approval because of fear of a government shutdown in the U.S on October 1.
With a Senate vote of 88-9, the United States government was able to prevent a shutdown and continue funding essential services until November 17. President Joe Biden hastily signed it into law.
Valkyrie, VanEck, ProShares, and Bitwise are just some of the companies who started trading ETH futures ETFs on October 2. The first volume of trades in ETFs tracking Ethereum futures was far lower than had been anticipated.
Despite their groundbreaking claims, recent Ether futures exchange-traded funds have not made a splash. All nine ETFs combined had trading volume of less than $2 million on their first day of operation.
Highlighted Crypto News Today:
Chainalysis Slashes Workforce by 15% Citing Ongoing Crypto Winter
