Spot Ethereum ETF Issuers Filed Amended Filings with Details on Fees and Seed Investments

Daily Top Performer — GMX (GMX)

The SPX index is down by 0.16% and remains relatively flat as investors search for fresh catalysts with the market hovering near record highs. The broader cryptocurrency market is mixed, with Bitcoin rising by 0.82% and Ether dropping by 0.93%, respectively in the past 24 hours.

Today's outperformer is GMX, which is up 2.3% as the approved 5.4 million $ARB grant for GMX under the STIP-Bridge Incentives Program is coming soon.

GMX, launched in 2021, is a decentralized perpetual and spot exchange on Arbitrum and Avalanche offering low fees, deep liquidity, and no price impact trades. The Arbitrum DAO's approval of GMX's proposal under the STIP-Bridge Incentives Program will launch on June 26 to September 16, 2024, and introduces three key incentive categories: Liquidity Incentives for LPs supplying to GM Pools, Trading Incentives offering a 75% fee rebate, and Grants Incentives supporting builders integrating with GMX V2. The program's structure is designed to boost liquidity, encourage on-chain trading, and foster ecosystem development. Notably, GMX aims to reduce trading fees to an average of 0.02%, rivaling the VIP tiers of leading centralized exchanges. This move, combined with the new single-asset GM pools and grants for developers, positions GMX as a cornerstone of Arbitrum's DeFi landscape.

Check Out the Latest Prices, Charts, and Data of GMXUSDT Perp and GMX/USDT Spot!

Talk of the Town:

BlackRock, Invesco Galaxy, VanEck, Franklin Templeton, Grayscale Investments, and 21Shares have launched a wave of Spot Ethereum ETFs, enhancing transparency and accessibility in the Ethereum investment landscape. These ETFs, designed to streamline the investment process, feature competitive fee structures, with Franklin Templeton setting its fee at 0.19% and VanEck at 0.20%. The SEC's recent approval of 19b-4 forms for eight Ethereum ETFs marks a significant step forward, with firms awaiting the final sign-off on their registration statements. Notably, 21Shares US LLC disclosed a $340,739 seed investment for the 21Shares Core Ethereum ETF, while Franklin Templeton and Invesco Ltd. each contributed $100,000 in seed investments for their respective ETFs. These developments signal a robust market entry for Ethereum ETFs, expected to launch by July 2, further bridging traditional finance with blockchain innovations.

Check Out the Latest Prices, Charts, and Data of ETHUSDT Perp and ETH/USDT Spot!

Spot Bitcoin ETF Flows:

JPMorgan expressed skepticism about the sustainability of recent crypto inflows, attributing much of the $12 billion recorded this year to funds shifting from digital wallets to new Bitcoin Spot ETFs, rather than new capital entering the market. Analyst Nikolaos Panigirtzoglou doubts these inflows will continue at the same pace, given the high cost of bitcoin and its comparison to gold. Despite these concerns, venture capital investment in crypto companies is rising, with $2.4 billion invested in the first quarter of 2024, signaling potential growth and innovation in the sector.

Check Out the Latest Prices, Charts, and Data of BTCUSDT Perp and BTC/USDT Spot!