Spot Ethereum ETFs generate over $1 billion in trading volume on first day
Spot Ethereum exchanged-traded funds — nine different ETFs from eight issuers — began trading Tuesday.The Grayscale Ethereum Trust led the way at $456 million, accounting for nearly half of the total volume.
Seven months after Bitcoin made its big debut on Wall Street, it was Ethereum ETH -0.43% 's time to enter the spotlight .
Spot Ethereum exchanged-traded funds — nine different ETFs from eight issuers — began trading Tuesday and turned the normally staid world of ETF trading into a bonanza.
On their first day of trading on U.S. exchanges, ether ETFs generated more than $1.019 billion in cumulative trading volume, according to Yahoo Finance data compiled by The Block Pro Research.
The Grayscale Ethereum Trust (ticker: ETHE) led the way at $456 million, accounting for nearly half of the total volume. BlackRock's iShare Ethereum Trust (ETHA) (24%, or $240 million) and Fidelity Ethereum Fund (FETH) (13%, or $136 million) were next in line.
The 11 spot bitcoin ETFs have amassed a nearly $60 billion combined market cap and $330 billion in cumulative volume.
"I’m not expecting that type of frenzy around spot ether ETFs," Nate Geraci, president of The ETF Store, told The Block . "That said, even if spot ether ETFs only pull-in 20-25% of the assets of spot bitcoin ETFs, that would be a highly successful result and one that I think is absolutely achievable."
Around 3 p.m. EST Tuesday, Bloomberg Intelligences' James Seyffart s aid on X that the $4.66 billion in volume at that time correlated with $655 million of inflows for the first day of Bitcoin ETFs.
As of 4:15 p.m. EST Tuesday, ether was trading at $3,477.96, down 0.6% over the previous 24 hours, according to The Block's price page for Ethereum .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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