- Ethereum futures ETFs’ initial trading volume was below expected levels.
- The Valkyrie BTF futures ETF had an aggregate volume of $882,000.
- Ethereum’s price dropped by 2.10% as crypto market capitalization decreased by 1.85%.
The initial trading volume for Ethereum futures exchange-traded funds (ETFs) was significantly below anticipated levels. Despite being touted as groundbreaking products, the recent Ether futures ETFs did not make a substantial impact. On the first trading day, the total volume across all nine ETFs was less than $2 million.
The Valkyrie BTF futures exchange-traded fund was the preferred choice. This investment tool is monitoring a mix of Bitcoin and Ether. The aggregate trading volume amounted to $882,000.
Furthermore, many market analysts have noted that Ethereum must still meet expectations. Eric Balchunas, a senior ETF analyst at Bloomberg, expressed his views on Twitter, stating that the trading volume was disappointing.
Negative outlook is on the horizon
At the time of this report, the worldwide cryptocurrency market capitalization has decreased by 1.85%, causing Ethereum’s price to drop by 2.10%. However, according to CoinMarketCap data, Ethereum has increased by 4.41% over the past week and 1.52% over the last 30 days, despite today’s decline.
As per the latest data from CMC, Ethereum
Conversely, if the price surpasses the resistance level of $1687, it will probably challenge the $1734 mark. Should the bulls propel the price above this point, the $2000 resistance level is anticipated to be the next target.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
