Spot Ether ETFs Generate $1 Billion in Trading Volume on Debut
Ether, the primary digital currency of the Ethereum blockchain, experienced a slight dip in value alongside the launch of new spot exchange-traded funds (ETFs). Following the close of the market, Ether was trading just below $3,500 as reported by CoinDesk, showing a marginal decrease over the previous 24 hours. The nine newly introduced spot ether ETFs each saw a decline of approximately 1% in their value.
These ETFs collectively recorded a trading volume exceeding $1 billion, with the Grayscale Ethereum Trust (ETHE) being the most actively traded at $456 million. Notably, the Grayscale Ethereum Trust held over $9 billion worth of ether before its transition into an ETF. Among the fresh funds, BlackRock’s iShares Ethereum Trust (ETHA) led in trading volume with $240 million, followed by the Fidelity Ethereum Fund (FETH) with $136 million in trades.
Comparing the trading volumes, the spot ether ETFs’ first-day activities accounted for about 21% of the $4.66 billion observed during the initial trading day of spot bitcoin ETFs in January. Bloomberg analyst James Seyffart highlighted that the spot ether ETF market displayed more activity than the futures-based ether ETFs, which had limited engagement during their debut in October.
Seyffart also noted on the social platform X that the $4.66 billion trading volume of spot bitcoin ETFs corresponded to $655 million in inflows. Applying a similar ratio, it suggests an inflow of approximately $140 million for the spot ether ETFs.
These developments indicate a dynamic market response to the introduction of new investment products in the cryptocurrency space. The trading volumes and investor interest in these ETFs reflect the evolving landscape of digital asset investment opportunities.
