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<ul><li>Canada's first-mover advantage in bitcoin ETFs is set to continue with <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> ETFs.</li><li>Three different pure-play ethereum ETFs are set to start <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading">trading</keyword> in Canada on Tuesday.</li><li>The first bitcoin ETFs in North America began trading on the Toronto Stock Exchange earlier this year.</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestdium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>The first ever ethereum ETFs are set to begin trading on the Toronto Stock Exchange in Canada on Tuesday as the cryptocurrency craze remains heightened.The country <a href="https://markets.businessinsider.com/currencies/news/canada-approves-first-bitcoin-etf-btc-hopes-sec-us-cryptocurrency-2021-2-1030078644">has been a first mover when it comes to allowing cryptocurrency ETFs,</a> with the first North American bitcoin ETFs launching earlier this year on the Toronto Stock Exchange. Those ETFs have <a href="https://markets.businessinsider.com/currencies/news/purpose-bitcoin-etf-first-of-kind-crosses-1-billion-aum-2021-3-1030228687">quickly amassed more than $1 billion in assets under management.</a>Three ethereum ETFs received approval from the Ontario Securities Commission last week, setting them up for their first trades later today. Demand could be strong, given that Ethereum is the second largest cryptocurrency by market value, after bitcoin. The three <keyword id="11130211" type="UNKNOWN" weightage="60" keywordseo="ethereum-etf">ethereum ETF</keyword>s include: Purpose Ether ETF, CI Galaxy Ethereum ETF, and Evolve Ether ETF. Only US investors that have brokerage access to the Toronto Stock Exchange will be able to buy and sell the ETFs. "While bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society," said Purpose Investments founder and CEO Som Seif <a href="https://www.globenewswire.com/news-release/2021/04/16/2211788/0/en/Purpose-Investments-Cleared-to-Launch-First-Ether-ETF-in-the-World.html">in a statement.</a>Demand for cryptocurrency ETFs are strong, as it allows investors to gain exposure to the asset class within their portfolios, lowers trading costs, and removes the hassle of having to secure and store the cryptocurrency. But the US Securities and Exchange Commission has been slow to approve the launch of a US bitcoin or ethereum ETF, as it continues to sit on several applications from firms like Fidelity and WisdomTree. One expert thinks <a href="https://www.businessinsider.com/bitcoin-etf-timeline-sec-approval-advice-how-to-invest-geraci-2021-4">the first US-based crypto ETF will be approved and launch later this year.</a>For the Canadian ethereum ETFs, price wars are already heating up in a bid to woo investors. The Purpose Ether ETF will charge a management fee of 1%, while CI Galaxy and Evolve's ethereum ETFs will charge 0.40% and 0.75%, respectively. Ethereum is up 193% year-to-date, well ahead of bitcoin's year-to-date gain of more than 100%, <a href="https://markets.businessinsider.com/currencies/news/dogecoin-price-doge-50-billion-valuation-bigger-than-10-companies-2021-4-1030318805">but significantly less than Dogecoin's year-to-date gain of more than 8,000%.</a>

3 Ethereum ETFs will start trading today in Canada as crypto fever continues

<ul class="summary-list"><li><keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword> on Tuesday hit a new <keyword id="586892" type="UNKNOWN" weightage="60" keywordseo="All-time-high">all-time high</keyword> of $1,800, continuing its upswing since the beginning of 2021.</li><li>The token's record high came a day after nearly 400 ETH futures contracts were traded on the CME.</li><li>The CME's launch of ETH futures could increase price volatility in the coming weeks.</li></ul>The price of <a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum's</a> ether hit a fresh record on Tuesday, driven by the launch of <a href="https://www.cmegroup.com/trading/ether-futures.html">CME futures</a> a day ago.The <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> soared past $1,800 per token around 09:30 a.m. GMT, rising 10% in the last 24 hours. Ethereum's all-time high coincided with <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingestgest">bitcoin</a> smashing a new record of $48,000 after Tesla revealed a <a href="https://markets.businessinsider.com/currencies/news/tesla-buys-bitcoin-elon-musk-stock-accept-form-of-payment-2021-2-1030055107">$1.5 billion bitcoin investment</a>, all of which is adding to the momentum of mainstream <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> adoption.On the CME's first day of trading ether futures, the exchange saw nearly 400 contracts traded on its platform. That equates to about 19,400 ETH, or $33 million, according to <a href="https://coinmarketcap.com/headlines/news/cme-eth-futures-contracts-launch-first-day/">Coin Market Cap</a>. The exchange announced its plans to offer trading in ETH futures in December. The CME's launch will significantly strengthen ethereum's credibility as an asset class just like it did for <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> in 2017, said Samantha Yap, founder and CEO of Yap Global. While ethereum is often still referred to as bitcoin's lesser cousin, there will be a shift in media perception about it with this launch, she said.Read More: <a href="https://www.businessinsider.com/bitcoin-bubble-ubs-cryptocurrency-could-become-worthless-volatility-not-currency-2021-2" target="_blank" rel="noopener noreferrer">UBS says bitcoin is a bubble and too volatile to diversify a portfolio, unlike gold - here's why the bank says it could end up 'worthless'</a>Furthermore, the launch could increase price volatility. A few reasons could contribute to that, according to Gunnar Jaerv, COO at digital-asset custody-provider First Digital Trust.Institutions would be able to trade in large volumes, as there is now more interest in digital assets than ever before. When the CME launched bitcoin futures in 2017, its price dropped from $20,000 to $13,000 almost immediately.Separately, with crypto fund manager Grayscale adding more ETH to its trust, traders can expect to see a further rise in institutional interest in digital asset futures, especially as no actual delivery of ETH occurs on the settlement date, making it easier for institutional players to participate as no digital asset custody is required.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-stock-picks-rising-inflation-cogs-goldman-sachs-2021-2" target="_blank" rel="noopener noreferrer">GOLDMAN SACHS: Buy these 13 stocks poised to benefit from surging commodity costs - including 2 set to soar by more than 40%</a>

Ethereum shoots to new all-time high past $1,800 for the first time after CME futures launch

<ul class="summary-list"><li><keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">Ethereum</keyword> tumbled 7% on Wednesday after hitting a new all-time high of over $1,430.</li><li>Directly tied to its explosive growth is the rise of projects built on Decentralized Finance, or DeFi.</li><li>Ethereum users receive over 4% in annual interest, while traditional banks offer less than 0.5%.</li></ul><a href="https://markets.businessinsider.com/currencies/eth-usd">Ethereum</a> dropped 8% on Wednesday after shooting past $1,430 a day earlier, hitting a new all-time high for the cryptocurrency powering the world's largest smart contract platform.Its price fell to around $1,265 as of 1150 GMT, retracing the previous day's record high.<keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">Ether</keyword>, the native cryptocurrency of Ethereum's blockchain network, has soared 33% year-to-date to reach its latest peak, only a couple of weeks after its crypto cousin <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> reached a new high near $42,000. Ethereum's gain clearly shows it has outperformed <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword>'s 26% rally so far this year in their respective US dollar pairs. Its positive momentum indicates how projects built on decentralized finance, more commonly known as DeFi, are creating a more scalable infrastructure for smart contracts rather than relying on brokerages, exchanges, or banks.The cryptocurrency has always been the lesser known rival to Bitcoin for a mainstream audience, according to Samantha Yap Founder &amp; CEO at YAP Global. But an increased awareness and understanding of what it's about shows it could get gradually adopted as the DeFi industry grows. That the world's second-largest cryptocurrency by market capitalization hit a new high indicates the beginning of DeFi "eating traditional finance," said Hsuan-Ting CEO of Furucombo, a DeFi money lego application. "More and more people adopting it signals a great future for the industry regardless of whether people are using ETH to pay for something or just holding it to capture the network's value," he said.Over $25 billion worth of <keyword id="6368079" type="UNKNOWN" weightage="60" keywordseo="Crypto-assets">crypto assets</keyword> have been locked into DeFi applications built on Ethereum over 2020, <a href="https://defipulse.com/">according to DeFi Pulse</a>. The sector now offers loans, synthetic stocks, interest-earning assets, exchanges, derivatives, options, and credit systems.Read More: <a href="https://www.businessinsider.com/investing-outlook-trends-career-wells-fargo-equity-head-ann-miletti-2021-1">The head of active equity at Wells Fargo's $607 billion asset management arm shares how she worked her way up from the call center 29 years ago - and pinpoints 3 trends transforming the investment landscape today</a>Ethereum's users are already able to receive more than 4% in annual interest, while traditional banks offer below 0.5% interest, as well as gaining exposure to various derivatives products that have an inherently global market due to the openness of public blockchain infrastructure, according to Sergey Nazarov, the co-founder of the world's largest DeFi project Chainlink."When you consider the 10X growth in DeFi's market size, the consistently higher rates of return from DeFi financial products when compared to banks and the inherently global nature of DeFi financial products, together with the devaluation of traditional assets through high inflation and unchecked money printing, anyone can begin to see that DeFi is where the next flight to safety will happen and is in fact one of the existing forces that's driving adoption of <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> like Bitcoin and Ethereum today," Nazarov said.Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-best-profit-growth-reopening-goldman-sachs-2021-1">GOLDMAN SACHS: Buy these 25 stocks best-positioned to juice profits in 2021 as stimulus and vaccine progress spur economic growth</a>

Ethereum tumbles 8% after exploding to new all-time high past $1,430, still outperforms Bitcoin's 26% year-to-date gain

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3 Ethereum ETFs will start trading today in Canada as crypto fever continues

Matthew Fox

Ethereum shoots to new all-time high past $1,800 for the first time after CME futures launch

Shalini Nagarajan

Ethereum tumbles 8% after exploding to new all-time high past $1,430, still outperforms Bitcoin's 26% year-to-date gain

Shalini Nagarajan

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