Canada launches Ethereum ETF, accelerating the expansion of the Ethereum ecosystem

According to The Block on April 21, three Ethereum ETFs officially began trading on the Toronto Stock Exchange on Tuesday. They are the Ethereum ETF (ETHH) of asset management company Purpose Investments, the Ethereum ETF (ETHR) of Evolve, and the Ethereum ETF (ETHX) of CI Global. Their management fees are ETHH-1%, ETHR-0.75%, and ETHX-0.40%, respectively.

The three companies involved in the issuance of the Ethereum ETF have previously issued Bitcoin ETFs. In February this year, Purpose Investments issued the world's first Bitcoin ETF in Canada, the Purpose Bitcoin ETF (BTCC). As of now, the asset size of this Bitcoin ETF has exceeded US$1.4 billion.

Previously, driven by the news that Ethereum ETF is about to be launched, the price of ETH broke through a historic high. According to data from Skew, CME ETH futures trading set a record for daily trading volume on Monday. This shows that investors are optimistic about Ethereum ETF and the Ethereum ecosystem.

On the other hand, according to data from the analysis company Santiment, the number of ETH whales has surged to a record high since January this year. In addition, the number of users with more than 10,000 ETH has also reached a record high.

Huobi Research Institute believes that the three Ethereum ETFs launched in Canada will further accelerate the development of the Ethereum ecosystem. At this stage, with the support of major institutions, the market prospects of Bitcoin and Ethereum are constantly improving, and their market value is also breaking through. The continuous increase in ETH whales means that more and more institutions, enterprises, and individuals use it as a reserve asset, which shows the strong investment demand for Ethereum.

The world's first batch of physically settled Ethereum ETFs can provide investors with a simplified path, which will quickly bring more funds to the Ethereum ecosystem, while also allowing market investors to benefit from the explosive growth of decentralized applications built on Ethereum. Huobi Research believes that as Ethereum's fundamentals continue to remain strong in the future, the market is likely to gradually form a virtuous circle, thereby continuously promoting the accelerated expansion of the Ethereum ecosystem.

BTC is trading sideways during the day, with relatively weak trading volume

According to the data from Huobi trading platform, BTC fell slightly in the morning, reaching a low of 54972.81 USDT, and then traded sideways at 55500 during the day, with relatively weak trading volume. From the one-hour level, the BTC market has been inactive recently, and it has continued to fluctuate sideways around 55500, with the upper edge of the fluctuation range around 57000 and the lower edge around 54000. From the daily level, BTC has seen two consecutive positive days, but the increase is not large. In the evening, continue to pay attention to the changes in trading volume, the breakthrough of 56000 above and the support of 55000 below.

According to the data from Huobi trading platform, ETH was trading sideways at 2300, and the trading volume was relatively weak. From the one-hour level, after the bulls broke through in the early morning, a new round of sideways trading was formed at a high level today. From the daily level, ETH ushered in two consecutive positive days, basically recovering 1/2 of the previous decline. In the evening, continue to pay attention to the changes in trading volume, the breakthrough of 2350 above, and the support of 2280 below.

In terms of contracts, Huobi contract big data shows that BTC contract holdings are relatively stable, contract trading volume has slightly decreased, and the contract market is not active. The basis of delivery contracts has increased slightly.

ETH contract open interest increased slightly, contract trading volume decreased slightly, and the contract market was not active. The basis of delivery contracts was relatively stable.

The price of USDT in Huobi Global OTC market is 6.68 yuan.

According to Huobi Research Center data monitoring, today's DeFi total locked volume (TVL) rose slightly to $90.37 billion, and the real locked volume rose slightly to $64.1 billion. Among them, PancakeSwap rose the most, reaching 18.74%. Today's total Defi trading volume rose slightly, reaching $4.67 billion. Among them, Uniswap V2 rose the most, reaching 31.18%.