The scale of three Ethereum ETFs has reached about 70 million US dollars. ETH has released positive signals after reaching a new high

On April 20, the Toronto Stock Exchange (TSX) officially began trading three Ethereum ETFs, namely ETHH, ETHR and ETHX launched by Purpose Investments, Evolve Funds Group and CI Global respectively.

For investors, the Ethereum ETF is a safer and more convenient way to participate in Ethereum investment, allowing investors to buy shares representing digital assets without actually holding cryptocurrencies themselves. The physical Ethereum traded in the ETF is managed by Gemini Trust Company LLC in New York and stored offline.

According to the data on the official websites of the three institutions, as of April 22, after two trading days, the transaction volume of ETHX has reached a maximum of about 39.69 million US dollars; ETHH is closely followed by a transaction volume of about 26.68 million US dollars, and the number of ETF holdings exceeds 10,900; ETHR's transaction volume is an order of magnitude less than the first two, only 2.769 million US dollars. In addition, the current price difference between the three ETFs is not large, ranging from about 11.1 to 11.19 US dollars.

The largest of these, ETHX, is called CI Galaxy Ethereum ETF, and was jointly launched by asset management company CI Global Asset Management and cryptocurrency company Glalaxy Digital. No management fee will be charged before June 15, and the management fee rate MER (Management Expense Ratio) will not exceed 0.95% after the expiration of the period. In addition, the Bitcoin ETF (BTCX) recently launched by the two institutions has also been approved by Canadian regulators and began trading on the Toronto Stock Exchange on March 9.

ETHH stands for Purpose Ether ETF, a product of Purpose Investments, which charges a management fee of 1% of the transaction amount. Its Bitcoin ETF (BTCC) also officially started trading on the Toronto Stock Exchange on February 19. This is also the world's first Bitcoin ETF approved by regulators. The total assets of this ETF exceeded US$1 billion in just over a month after its launch.

ETHR was launched by Evolve Funds Group. It also does not charge any management fees before May 31, and charges a 0.4% transaction fee after the expiration. In addition, the Bitcoin ETF launched by Evolve has also been approved by Canadian regulators, making it the second approved Bitcoin ETF in the world. James Seyffart, ETF research analyst at Bloomberg Intelligence, also said: Evolve is the first company in the United States to apply for a Bitcoin ETF. If there is no problem launching a Bitcoin ETF in Canada, then this is a hopeful signal, as the regulatory framework in the United States is generally consistent with that in Canada.

With the launch of three Ethereum ETFs, it may also have an impact on Grayscale's trust fund (ETHE). As of April 21, Grayscale's official data showed that the scale of ETHE was US$7.465 billion, and its premium to the ETH market was around 0, which may be further reduced in the future.

However, it has a certain boosting effect on the Ethereum and crypto market. Coingecko data shows that after the launch of three Ethereum ETFs on the 20th, the price of ETH rose by 5% to $2,215. And the increase has not slowed down in the past two days. As of press time, ETH has hit a new record high of $2,576.

It is worth mentioning that the overall crypto market fell last week, and Ethereum almost fell below the $2,000 mark. However, the price of the currency has gradually recovered, gradually breaking away from the trend of linkage with Bitcoin, and set a new record high, while Bitcoin has fallen 15.4% from its peak. On the other hand, the rise of Ethereum has also brought about a rebound in the price of its on-chain application currencies, among which UNI is particularly prominent, with a maximum increase of 19.8% in 24 hours (data from April 21-22).

And under the leadership of Ethereum, the altcoin market has also risen against Bitcoin. Coingecko data shows that the current global cryptocurrency market value is about 2.09 trillion US dollars, and the market value of Bitcoin is about 1.01 trillion US dollars, accounting for less than 50%, only 48.3%, and the market value of Bitcoin has fallen below a two-year low. The market value of Ethereum has reached 292.7 billion US dollars, accounting for 13.9%.

In addition, Ben Lilly, co-founder and analyst of Jarvis Labs, once said that whenever Ethereum can break away from Bitcoin's trend and develop its own independent trend, it is a signal of altcoin bull market.