![](https://cryptotimes.africa/wp-content/uploads/2024/07/images-18.jpeg)
MILESTONE | ETH ETFs Post Over $1 Billion Trading Volume ‘Surpassing Expectations’ on First Day of Trading
On their first day of trading, the nine Ether Exchange-Traded Funds (ETFs) in the United States had a collective trading volume of around $1.08 billion, which is 23% of what the spot Bitcoin ETFs witnessed. The ETFs, which went public on July 23, 2024, saw net inflows of $106.6 million on their first day of trading, while the sole fund that saw outflows was Grayscale’s recently converted Ethereum Trust, which saw net withdrawals of $484.1 million.
- BlackRock’s iShares Ethereum Trust ETF (ETHA) led with $266.5 million of inflows, followed closely by
- The Bitwise Ethereum ETF (ETHW) with $204 million in net inflows
- The Fidelity Ethereum Fund ETF (FETH) came in third with $71.3 million
- Grayscale’s Ethereum Mini Trust, a spinoff product launched by the asset manager with lower fees, generated $15.2 million in new inflows
- Franklin Templeton’s Franklin Ethereum ETF (EZET) netted $13.2 million, while
- 21Shares’ Core Ethereum ETF (CETH) saw $7.4 million in inflows
James Seyffart of Bloomberg Intelligence stated that the ETF launch “pretty much” lived up to his expectations.
Seyffart declared, “[If] we compare it to a standard ETF launch, it was a smashing success.”
According to Juan Luan, senior investment strategist at Bitwise Invest, demand for ETH exceeded forecasts right away.
When the outflows from the conversions of ETHE ($484M) into GBTC ($95M) are taken out, the total ETH flows ($108M) represent 79% of the BTC flows ($655M). Because GBTC was still at a discount and ETHE was already trading at NAV upon conversion, he argued, the outflows were probably greater.
![](https://cryptotimes.africa/wp-content/uploads/2024/07/GTQpubpWkAEYW0X-1024x485.jpeg)
However, spot ETH trading activity on centralised exchanges hardly altered, according to cryptocurrency market data source Kaiko, even though spot Ethereum ETFs attracted more than $1 billion in trade volume on their debut day. On July 24, 2024, the price of $ETH even fell further. According to CoinGecko, the value of the second-largest cryptocurrency is $3,161 at the time of publication, down 8% over the previous day and 7.4% over the previous seven.
In contrast, the U.S. stock market saw a notable decline that represented its worst one-day performance since late 2022. The Nasdaq Composite experienced a larger fall of 3.64%, while the S&P 500 suffered a decline of 2.3%. The main causes of this sell-off were the underwhelming quarterly earnings reports from big tech firms like Alphabet and Tesla.