There was some crypto hype late last week the spilled over into early trading today with some impressive gains. The driver was likely the launch of an ether futures-backed ETF launching today from VanEck under the symbol EFUT along with a handful of others.
Let’s just say that it’s not going as hoped. Volumes so far have been 17,000 shares on the EFUT release, or about $290,000. Eric Balchunas from Bloomberg tallied up the total volume of all the new crypto futures ETFs debuting today and it was less than $2 million.
Here’s the intraday chart of ETH:
ETH intraday
The hype around a spot bitcoin ETF continues but I can’t help but thinking that virtually everyone who wants to own bitcoin already has enough ways to buy it. Maybe it allows some Americans the ability to hold it in 401Ks or IRAs more easily but that’s hardly the basis for a sustainable rally and more likely to be a similar type of ‘sell the fact’ trade.