Ethereum
New Spot Ether ETFs See $1 Billion in Trading Volume on First Day
Key points to remember
- The nine spot ether ETFs launched Tuesday were down about 1% after their first day of trading.
- The collective trading volume of the ETFs was just over $1 billion, with the Grayscale Ethereum Trust seeing the most action. The fund held over $9 billion worth of ether before its ETF conversion.
- Bitcoin Spot ETFs recorded $4.66 billion in volume on their first day of trading in January.
Ether, the underlying cryptocurrency of the Ethereum The crypto network and its associated spot exchange-traded funds edged lower on the first day of trading for the new investment products.
Shortly after the market closed, Ether was trading just below $3,500 according to CoinDesk, down slightly over the previous 24 hours. Ether at nine points AND F fell by about 1% each.
According to The Block, the ETFs recorded a combined trading volume of just over $1 billion. The pre-existing Grayscale Ethereum Trust (ETHÉ) saw the most activity with $456 million in transactions. The Grayscale Ethereum Trust held over $9 billion worth of ether before its conversion to an ETF.
Among the new funds, BlackRock’s iShares Ethereum Trust (ETHA) recorded the highest volume at $240 million, followed by the Fidelity Ethereum Fund (FETH) at $136 million.
The day’s spot ether ETF volumes were about 21% of the $4.66 billion recorded on the first day of trading for spot bitcoin ETFs in January, according to Bloomberg analyst James Seyffart. The spot ether ETF market was more active than futures-based ether ETFs, which saw a $1.5 billion increase in trading volume. limited activity at their debut in October.
Seyffart noted on social network X that the $4.66 billion in first-day trading volume for bitcoin spot ETFs corresponded to $655 million in inflows. At a similar ratio, that would indicate about $140 million in inflows for ether spot ETFs.