Coinspeaker
Bitwise CIO Hints at More Crypto ETFs after Ethereum ETH Debut
Bitwise Asset Management’s Chief Investment Officer (CIO) Matt Hougan has hinted at the potential launch of additional crypto-related exchange-traded funds (ETFs) following the successful debut of Ethereum ETFs in the United States.
In an interview with Bloomberg, Hougan said that the approval of both Bitcoin and Ethereum spot ETFs by the US Securities and Exchange Commission (SEC) has opened the doors for more crypto ETFs in the future. According to him, the introduction of these ETFs has ushered in a new ETF era, which is expected to bring more crypto-related ETFs by 2025.
“Long term, as we look into 2025, we’ve entered the ETF era of crypto. We’re going to see ETFs on multiple crypto assets; we’re going to see index-based ETFs,” he said.
Ethereum ETF Impressive Start
Speaking with BloombergTV on Wednesday, the Bitwise CIO praised the performance of Ethereum ETFs on their first day of trading, noting that an average ETF usually sees about a million dollars in transaction volume on launch day.
However, Ethereum exceeded this margin, with all the ETFs combined posting over $1 billion in transaction volume, making them the second most successful crypto ETF launch of all time after Bitcoin in January.
The Ethereum spot ETFs officially entered the US market on Tuesday, July 23, making the digital asset accessible to a broader audience. Coinspeaker reported that all the funds combined generated a net inflow of $106.6 million, with Bitwise’s Ethereum ETF (ETHW) emerging as the second-best performer. The fund attracted $204 million in net inflows on launch day.
Leading asset management firm BlackRock led the pack with its fund known as the iShares Ethereum Trust ETF (ETHA), recording an impressive $266.5 million in inflows. Additionally, Fidelity Investments’ Ethereum ETF (FETH) also brought in a total of $71.3 million on its first day of trading.
Investors Want Crypto ETFs
This strong performance of Ethereum ETFs underscores the growing interest from both institutional and retail investors in crypto investment products. Hougan also told Bloomberg that while he believes more crypto ETFs will be introduced into the market in the long term, there are still “big steps to go forward” for the two accepted crypto ETFs already in the market.
He disclosed that some of the world’s largest asset management companies, like Morgan Stanley, are still working “through the due diligence,” referring to the regulatory standing of both digital assets. The Bitwise CIO noted that one key aspect of crypto ETFs is that investors want them because they lower costs and raise protections.
US Asset Issuers Files for Solana ETFs
Meanwhile, with the successful debut of Bitcoin and Ethereum ETFs, companies like VanEck and 21Shares have already submitted applications to the SEC for the potential approval of Solana (SOL) ETFs.
Industry experts believe that SOL is an appealing candidate for future ETFs due to its unique market position and technological advancements. Solana is renowned for its high transaction speeds and low costs, making it a popular choice for decentralized applications (dApps) and decentralized finance (DeFi) projects.
Bitwise CIO Hints at More Crypto ETFs after Ethereum ETH Debut
