Ethereum Exchange-Traded Funds Launch with Strong Inflows
Ethereum Exchange-Traded Funds (ETFs) have made a notable debut with substantial inflows, as per ETF analyst James Seyffart, who reported that these funds attracted $107 million on their first day.
Leading the inflows is BlackRock’s iShares Ethereum Trust (ETHA) with an impressive $258.6 million, followed by Fidelity Ethereum Fund (FETH) at $137.9 million. Additionally, Bitwise Ethereum ETF (ETHW) and Grayscale Ethereum Mini Trust (ETH) gathered $94.3 million and $65.6 million in inflows, respectively. Vaneck Ethereum ETH (ETHV) also secured a spot in the top 5 with $44.8 million.
However, Grayscale Ethereum Trust (ETHE) experienced significant outflows of $484 million during this period.
Describing the influx as “very solid,” Seyffart compared Ethereum ETFs to Bitcoin ETFs, stating that Bitcoin ETFs averaged $75.5 million in inflows over the first 10 days of trading, with $600 million on their debut day. Ethereum ETFs also surpassed $1 billion in trading volume on their launch day.
Bloomberg ETF analysts predicted that these Ethereum ETFs could attract around $6 billion in inflows within their first year of trading, approximately a fifth of the inflows seen by Bitcoin ETFs.
While Ethereum (ETH) is currently trading at $3,448 according to CoinGecko data, showing a 12% increase over the past week, concerns linger around Grayscale’s outflows. It took GBTC approximately four months to break its outflow streak.
In conclusion, the Ethereum ETFs’ debut has been marked by significant inflows, setting a strong foundation for their future performance in the market.
