Ethereum ETFs Reach $1 Billion in First-Day Trading Volume Despite Stable ETH Price
Ethereum exchange-traded funds (ETFs) made a strong debut upon entering the market, attracting over $1 billion in investments. Despite this significant influx of funds, the price of Ethereum, the second-largest digital asset by market cap, has shown minimal movement. Currently, ETH is trading at $3,479 per coin, with no notable change in the past 24 hours.
Over the last week, Ethereum’s price has remained relatively stable without any significant fluctuations. The introduction of ETH ETFs to American stock exchanges came after receiving approval from the Securities and Exchange Commission in May. While these ETFs experienced substantial trading volumes, specific details regarding the inflows and outflows of each fund are not yet available.
Bloomberg ETF analyst James Seyffart shared his predictions on the daily flows of funds, estimating anywhere from $125 million to $325 million based on the investor interest in these ETFs. Among the nine funds, Grayscale’s Ethereum Trust (ETHE) recorded the highest trading volume, with $461 million in shares traded. Following closely behind were BlackRock’s iShares Ether Trust (ETHA) with $244.7 million and Fidelity’s Fidelity Ethereum Fund (FETH) with $138.5 million in trading volume.
Bitwise’s Ethereum Fund (ETHW) saw nearly $100 million in trading volume, while VanEck and Grayscale’s mini ETH ETF (ETH) handled around $45 million and $63.8 million, respectively. On the other hand, Franklin Templeton, Invesco, and 21 Shares managed smaller trading volumes of $15.9 million, $12 million, and $8.6 million, respectively.
Comparatively, the Ethereum ETFs’ trading volumes were lower than the Bitcoin ETFs during their initial launch in January, where Bitcoin ETFs amassed $4.5 billion in trading volume on the first day. The Ethereum ETFs’ performance indicates a promising start, albeit with lesser trading activity compared to their Bitcoin counterparts.
