Ethereum (ETH) is down about 1% on Tuesday as spot ETH ETFs crossed the $1 billion mark in trading volume.
Ethereum ETFs have crossed the $1 billion mark in trading volume onfirst day of launch. Investors won't substitute Ethereum for Bitcoin but would hold both, says Bitwise Matt Hougan. Ethereum could replicate Bitcoin's price post-spot BTC ETF launch following recent price action. Ethereum is down about 1% on Tuesday as spot ETH ETFs crossed the $1 billion mark in trading volume. Given its recent price movement, ETH may replicate the price of Bitcoin post-spot BTC ETF launch.
The net inflows of ETH ETFs at the end of their first trading day could serve as a key signal to help decide on ETH's next direction. A high net inflow could serve as a bullish spark, and vice versa for a weak net inflow or potential outflows. Additionally, Ethereum could see a brief decline in the next few days — similar to that of Bitcoin in the aftermath of the spot BTC ETF launch in January — before a potential rebound above the $3,730 price level.
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