Spot ether ETFs, copper, oil prices: Commodity Check

Spot ether ETFs have reportedly accrued $10.2 billion in assets across just nine funds since firms began trading the ethereum-exposed (ETH-USD) products on Tuesday.

Jared Blikre takes a look at cryptocurrency trends before turning his attention to the commodities space, including copper (HG=F) and crude oil (CL=F, BZ=F) prices.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video transcript

I'm taking a look at the spot ether ETF that launched only yesterday and just a quick update.

I got a tweet to share by James Sefer over at Bloomberg.

They he and Eric Balchunas have been all over the spot Bitcoin and ether ETF S. And now they're saying on day one, they now have 10.2 billion in assets across nine different TFS volumes on day one were over 1.1 billion.

For the group, total net flows were 107 million, but this into account actual withdrawal of $484 million.

That's negative flows from ETHE that is the grey scale Ethereum Trust and that has actually been in existence for years since by 2019, they are going to lower their fee.

But they were just converted into a spot ether ETF.

And so you're seeing similar to what happened with the spot Bitcoin people coming out of there and joining some of these other ETF that have sprung up iShares ETH A.

That was the number one winner.

They got about 266 billion or $266 million worth of flows now, I also want to take a look at the futures market.

And, uh, let's, uh, just venture over there where we have coppers, actually, in a bear market, it has been down eight days in a row.

And let me just show you the ticker HG equals F. That's what it is on Yahoo Finance.

Here's a year to day chart, and I just want to point out this high that we saw in May that was a record high.

And, uh, from there to all the way down there, that is 20% so copper in a bear market right now.

I also want to check out WT I crude real quickly.

CL equals F. That is up 1%.

Only a couple days ago, it had fallen from a support level.

But today it is actually snapping a four day losing streak.

So kind of mixed front on the commodities.

But I am watching that copper bear market.

All right, Jared, we're gonna continue to watch it too.

Jared Booker, Thanks so much for bringing down some of the movement that we're seeing here at the open