Spot Ethereum exchange-traded funds (ETFs) attracted keen investor interest within the first 90 minutes of trading, with nine newly launched ETFs recording a combined trading volume of $361 million.
Eric Balchunas, Bloomberg’s chief ETF analyst, shared early data on social media, noting that the ETFs are off to an impressive start, ranking in the top 1% of all ETFs by volume, similar to established funds like TLT and EEM.
Grayscale’s ETHE led the pack with $147.8 million in volume, followed by BlackRock’s ETHA with $71.4 million and Bitwise’s ETHW with $50.4 million. Fidelity’s FETH also saw significant activity, recording $49.3 million in volume.
Other ETFs that contributed impressive total volume over the 90 minutes were Grayscale’s ETH at $18.4 million, VanEck’s ETHV at $9.3 million, Franklin Templeton’s EZET at $8.5 million, Invesco’s QETH at $4 million, and 21Shares’ CETH at $2 million.
These figures show strong demand for Ethereum-based investment vehicles, with new ETF launches typically seeing trading volumes of less than $1 million on their first day.
According to Balchunas:
“As a group, that number ($361 million) ranks 15th overall in ETF volume. Compared to a typical ETF launch, which doesn’t exceed $1 million on day one, they’ve all been above that number and beyond.”
Earlier, Balchunas reported that the Ethereum ETF had already garnered $112 million in volume in its first 15 minutes of trading. While this initial surge was impressive, it was roughly half the pace of the Bitcoin ETF’s first-day volume.
Balchunas noted that considering Grayscale’s outflows, the Ethereum ETF is now trading at around 20% to 25% of the Bitcoin ETF’s volume. This is still a very solid number and is in line with his previous predictions.
The successful initial trading of the Ethereum ETF reflects the growing investor interest in digital assets and their integration into mainstream financial products. This development is expected to further increase the visibility and adoption of cryptocurrencies in traditional markets.
Market experts are now watching to see if this bullish momentum will continue throughout the day and what implications this will have for the future of cryptocurrency ETFs.