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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

ETH Derivates Volume Have Flatlined Despite Spot Ethereum ETFs Approval, What’s Going On?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Ethereum

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ETH derivatives volume suggests that Ethereum investors have little confidence in the Spot Ethereum ETFs, sparking a massive rally for the second-largest crypto token by market cap. This development comes amid the imminent launch of these funds, which are expected to begin trading next week. 

Ethereum Futures Premium Highlights Little Confidence In ETH’s Price

According to data from Laevitas, Ethereum’s fixed-month contracts annualized premium currently stands at 11%, suggesting that crypto traders aren’t bullish enough on ETH’s price. Further data from Laevitas shows that this indicator has yet to sustain levels above 12% this past month. 

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This is surprising considering that the Spot Ethereum ETFs, which could launch next week, are expected to spark a price surge for Ethereum. Crypto analysts like Linda have predicted that ETH could rise to as high as $4,000 thanks to the inflows these Spot Ethereum ETFs could witness. 

However, crypto traders are not convinced that Ethereum’s reaching such heights is likely to happen, at least not soon enough. A plausible explanation for this lack of excessive bullishness is that Ethereum’s price could continue to trade sideways for a while, thanks to the $110 million daily outflows that research firm Kaiko projected could flow from Grayscale’s Spot Ethereum ETF. 

Moreover, this seems likely following the final S-1 filings by the Spot Ethereum ETF issuers, which showed that Grayscale has the highest fees. The asset manager plans to charge a management fee of 2.50%, while the highest fee among other Spot Ethereum ETF issuers is 0.25%.

Grayscale had done something similar with its Spot Bitcoin ETF, setting its management fee at 1.5%, while the other Spot Bitcoin ETF issuers had management fees ranging between 0.19% and 0.39%. That move is believed to have been one of the reasons why Grayscale’s Bitcoin ETF witnessed significant outflows following the launch of the Spot Bitcoin ETFs. 

Making A Case For Ethereum’s Inevitable Price Surge

Crypto analyst Leon Waidmann has made a bullish case for ETH’s price and explained why Ethereum investors should be more bullish. He noted that the discount between Grayscale’s Ethereum Trust (ETHE) and ETH’s price has significantly narrowed since the Spot Ethereum ETFs were approved earlier in May. 

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Waidmann stated that this has given ETHE investors ample time to exit their positions without significant discounts compared to Grayscale’s Bitcoin Trust (GBTC). Another reason GBTC is believed to have experienced such outflows was because of investors who were taking profits from having invested in the trust at a discounted price to Bitcoin’s spot price. 

However, unlike GBTC and other Spot Bitcoin ETFs, ETHE and other Spot Ethereum ETFs didn’t start trading immediately after approval. Therefore, Waidmann believes that whoever intended to profit from the discount between ETHE and ETH’s price must have already done so before now. As such, Grayscale’s ETHE shouldn’t witness the same amount of profit-taking as Grayscale’s GBTC did after it began trading. 

Ethereum price chart from Tradingview.com
ETH bulls hold price above $3,400 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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