Best Crypto to Buy Now October 3 – GALA, Polygon, EOS
The launch of nine new exchange-traded funds (ETFs) tied to Ethereum futures contracts received a lukewarm reception on their first day of trading, Oct. 2.
The ETFs, which track futures contracts linked to the price of Ethereum's cryptocurrency Ether, saw less than $2 million in combined trading volume as of midday Eastern Time, according to Eric Balchunas, a senior analyst at Bloomberg.
With Ethereum futures ETFs getting off to a slow start, what is the best crypto to buy now?
Of the new ETFs, five hold exclusively Ether futures while four track a mix of Ethereum and Bitcoin futures.
Valkyrie's Bitcoin Strategy ETF, which invests in both Bitcoin and Ether futures, saw the highest first-day volume at $882,000.
The ETF had previously traded as a Bitcoin-only futures product since October 2021 before shifting its strategy to include Ether.
In contrast, the ProShares Bitcoin Strategy ETF saw over $1 billion in volume when it debuted in October 2021 amid surging cryptocurrency prices.
However, Balchunas noted the volume for the new Ether ETFs was "quite a lot" compared to traditional ETF launches. The SEC scheduled the simultaneous launch of the nine products to prevent any single ETF from dominating the new market segment.
The cryptocurrency market is pulling back today after seeing substantial gains on Sunday. Bitcoin hit a multi-week high of $28,597.22 yesterday but ended up closing the daily candle lower at $27,510, a 1.74% drop for the day.
The selling has continued into today, with Bitcoin currently trading around $27,351, down 0.22% so far as it tries to find support and consolidate around $27,500. This level aligns with the Fib 0.618 retracement level of $27,469.
Overall, the total cryptocurrency market capitalization stands
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