There was some crypto hype late last week the spilled over into early trading today with some impressive gains. The driver was likely the launch of an ether futures-backed ETF launching today from VanEck under the symbol EFUT along with a handful of others.
Let’s just say that it’s not going as hoped. Volumes so far have been 17,000 shares on the EFUT release, or about $290,000. Eric Balchunas from Bloomberg tallied up the total volume of all the new crypto futures ETFs debuting today and it was less than $2 million.
Here’s the intraday chart of ETH: