The crypto market continues to break new boundaries. Ether (ETH) Exchange-Traded Funds attracted more than $1 billion of new money on Monday – the highest daily volume on record. Net inflows across these funds reached approximately 240,000 ETH, according to data from CoinGlass and Farside.
That same day, ETH hit a four-year all-time high, peaking at $4,366. The lion’s share of flows was attributed to BlackRock's ETHA fund (151,000 ETH or $640,000), followed by Fidelity’s FETH (65,000 ETH or $277,000). Hong Kong spot Ether ETFs, including funds from ChinaAMC, Harvest, and Bosera Hashkey, also saw record trading volumes of $7.4 million on Monday, according to data from The Block.
NovaDius’s Nate Geraci, in an interview with CNBC Tuesday morning, explained that the NYSE, Nasdaq, and CBOE have filed for generic listing standards with the SEC, meaning exchanges wouldn’t need separate approval for each new spot crypto ETF, if they meet certain criteria. According to Geraci, this could take effect “in the next two months or so”, which he hints would open the floodgates to a wave of ETF tracking for coins such as Ripple’s XRP, Solana (SOL), Cardano (ADA), and Hedera (HBAR), though there are already a “boatload” of filings awaiting approval.
Geraci, who also hosts the ETF insights podcast ETF Prime, said this has been a “monster year” for spot crypto ETF inflows, with a total $26 billion of inflows year to date ($19 billion BTC, $7 billion ETH).
With behemoth stablecoin issuer Circle going public on the New York Stock Exchange (NYSE) in June and companies such as Bullish in the process of doing the same, Renaissance Capital’s Matt Kennedy mentioned there is a real surge in crypto IPOs and treasury company SPAC (Special Purpose Acquisition Companies) activity.
“When the ducks are quacking, feed them.”
“When the ducks are quacking, feed them,” said Kennedy, suggesting this growing investor demand for crypto company IPOs and crypto-related SPAC activity should be met by companies which have been waiting for the right time to list their shares.
