Ethereum ETFs Make Their Debut
Seven months after Bitcoin’s introduction on Wall Street, it is now Ethereum’s turn to shine.
On Tuesday, nine different spot Ethereum exchange-traded funds (ETFs) from eight issuers began trading, transforming the typically sedate ETF market into a bustling arena.
On their first trading day on U.S. exchanges, the ether ETFs generated more than $1.019 billion in total trading volume, according to data from Yahoo Finance compiled by The Block Pro Research.
The Grayscale Ethereum Trust (ticker: ETHE) led in volume with $456 million, accounting for nearly half of the total. Following it were BlackRock’s iShare Ethereum Trust (ETHA), which accounted for 24% ($240 million), and Fidelity Ethereum Fund (FETH) at 13% ($136 million).
In comparison, the 11 spot Bitcoin ETFs have reached a combined market cap of nearly $60 billion and a total volume of $330 billion.
Nate Geraci, president of The ETF Store, noted, “I’m not expecting that type of frenzy around spot ether ETFs. However, even capturing 20-25% of the assets from spot Bitcoin ETFs would be a remarkable success and entirely feasible.”
By around 3 p.m. EST on Tuesday, Bloomberg Intelligence’s James Seyffart reported a trading volume of $4.66 billion, which correlates with $655 million in inflows on the first day of Bitcoin ETFs.
As of 4:15 p.m. EST Tuesday, the price for ether was $3,477.96, reflecting a decrease of 0.6% over the last 24 hours, according to The Block’s Ethereum price page.
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