Ethereum Spot ETFs Debut with $1 Billion Trading Volume

Ethereum-based spot exchange-traded funds (ETFs) concluded their first day of trading with a volume of approximately $1.08 billion—23% of the figure recorded by bitcoin ETFs on their debut day, according to Bloomberg analyst Eric Balchunas.

DAY ONE in the books for Eth ETFs who did $1b in total volume, which is 23% of what the spot bitcoin ETFs on their first Day and $ETHA did 25% of $IBIT‘s volume. The gap between $ETHE and The Newborn Eight is a healthy +$625m (a sizable chunk of which *should* convert to inflow pic.twitter.com/jaP4dKLrOs

— Eric Balchunas (@EricBalchunas) July 23, 2024

Preliminary data from the expert indicates that on July 23, the highest volumes were recorded by Grayscale Ethereum Trust (ETHE) and BlackRock iShares Ethereum Trust (ETHA) at $458 million and $248.7 million, respectively.

Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) rounded out the top four with $137.2 million and $94.3 million, while the product from 21Shares (CETH) did not surpass the $10 million mark.

Balchunas noted that the difference between ETHE and the “Newborn Eight” is $625 million, a significant portion of which is likely to convert into inflows.

Another Bloomberg analyst, James Seyffart, anticipated that the products would attract between $125 million and $325 million on the first day, depending on the number of interested investors.

First day of the ETHness stakes done. The group’s volume was just shy of $1.1 billion. My *prediction* on flows for the day is anywhere from $125 million to $325 million but will depend on how many investors these firms had lined up. We’ll know some official flows in a few hours https://t.co/p6Wjty8VyY pic.twitter.com/1gYYrU1CW1

— James Seyffart (@JSeyff) July 23, 2024

According to SoSoValue, the net inflow from the first day of trading spot ETH-ETFs amounted to $106.7 million.

All funds recorded positive dynamics except for Grayscale’s ETHE (-$484 million). The largest sum of $266.5 million was attracted by BlackRock’s ETHA.

The total assets under management by ETF issuers amount to approximately $10.24 billion.

The launch of these instruments had little impact on Ethereum’s price. At the time of writing, the asset is trading at $3450, having decreased by 1.8% over the day, according to CoinGecko.

The ETH options market indicated low chances of a pullback following the ETF launch.

Earlier, analysts at QCP Capital considered the market’s reaction to the launch of Ethereum-based ETFs as “muted.”