In their first trading day, US spot Ethereum exchange-traded funds (ETFs) recorded an impressive net inflow of $106.7 million, accompanied by trading volume of over $1 billion. This development underlines the growing investor interest in Ethereum-based financial products.
US Spot Ethereum ETFs Gain $106.7 Million in First Day of Trading
Eight issuers launched nine different Ethereum ETFs on Tuesday. Among these, BlackRock's ETHA led with a net inflow of $266.55 million.
Bitwise's ETHW followed closely behind, pulling in $204 million. Fidelity's FETH saw $71.31 million in net inflows and Grayscale's Ethereum Mini Trust brought in $15.15 million.
However, Grayscale Ethereum Trust (ETHE) experienced a net outflow of $484.1 million, making it the only fund to record an outflow on the day.
The total trading volume of these nine Ethereum ETFs reached $1.05 billion.
In contrast, US spot Bitcoin ETFs experienced a net outflow of $77.97 million on Tuesday, ending a 12-day streak of positive inflows.
Bitwise's BITB recorded the largest outflow among Bitcoin ETFs, with a net outflow of $70.32 million. This was followed by Ark and 21Shares' ARKB with a net outflow of $52.29 million, and Grayscale's GBTC with a net outflow of $27.31 million.
The launch of these Ethereum ETFs marks a significant development in the cryptocurrency market and offers investors new ways to access Ethereum. These significant inflows reflect strong demand and optimism about Ethereum's future as an investment asset.
*This is not investment advice.