BlackRock, Bitwise Investments and Fidelity have emerged as the early leaders among the US exchange traded funds that invest directly in ether, the world’s second largest cryptocurrency.
The funds took in about $267mn, $204mn and $71mn respectively on their first day of trading Tuesday, while investors withdrew about $484mn from a better established but more expensive rival Grayscale Investments, according to data from Bloomberg Intelligence.
The nine new ETFs that invest in the native token of the ethereum blockchain drew in about $108mn, generating about $1.1bn in overall volume.
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