Spot Ethereum ETFs Launch

Spot Ethereum (ETH) ETFs officially debuted on the U.S. stock market Tuesday morning, showing strong trading activity.

The exchange-traded funds amassed $205 million in combined trading volume in less than an hour, based on data from Yahoo Finance compiled by The Block Pro Research. By 10:45 a.m. EST, approximately 75 minutes after market open, trading volume reached $300 million.

Bloomberg Senior ETF Analyst Eric Balchunas offered insights on the initial figures:

“Here’s volume after first 15 minutes of trading. Total of $112 million traded for the group (which is A TON vs. a normal ETF launch but only about half of what Bitcoin ETFs’ volume pace was on DAY ONE, although 50% would exceed expectations IMO).”

Balchunas mentioned this comparison did not include GBTC, adding that the ETH ETFs conducted about 20% to 25% of the BTC ETF volume. Despite this, he remarked, “Regardless, very solid showing.”

The January launch of spot Bitcoin ETFs has been celebrated in the industry as a landmark event, achieving $300 billion in cumulative trading volume in six months, with a peak of $61.5 billion AUM.

Nate Geraci, president of The ETF Store, commented, “I’m not expecting that type of frenzy around spot ether ETFs. However, even if spot ether ETFs only attract 20-25% of the assets of Bitcoin ETFs, that would be a highly successful outcome and one that I believe is entirely attainable.”

Kraken’s strategy head projected net inflows of $750 million to $1 billion monthly for the first five to six months, as previously reported by The Block.