Quick Facts:
- Spot Ethereum ETFs (nine different ETFs from eight issuers) began trading on Tuesday, with more than $1.019 billion in volume.
- Grayscale Ethereum ETF led with $456 million, accounting for nearly half of the total trading volume.
Seven months after bitcoin made its Wall Street debut, it’s time for ethereum to take the spotlight. Spot ethereum exchange-traded funds (nine different ETFs from eight issuers) began trading on Tuesday, turning the once-dreary world of ETF trading into a bonanza.
According to Yahoo Finance data compiled by The Block Pro Research, the Ethereum ETF had a cumulative trading volume of more than $1.019 billion on its first day of listing on U.S. exchanges.
Grayscale Ethereum Trust (ticker: ETHE) led with $456 million, accounting for nearly half of the total trading volume. It was followed by BlackRock's iShare Ethereum Trust (ETHA) (24%, or $240 million) and Fidelity Ethereum Fund (FETH) (13%, or $136 million) .
The total market value of 11 spot Bitcoin ETFs has reached nearly US$60 billion, and the cumulative trading volume has reached US$330 billion.
“I’m not expecting the same kind of frenzy that would be seen with a spot ether ETF,” Nate Geraci, president of the ETF Store, told The Block. “That being said, even if a spot ether ETF only attracted 20-25% of the assets in a spot bitcoin ETF, that would be a very successful outcome, and one that I think is absolutely achievable.”
James Seyffart of Bloomberg Intelligence said on X around 3 p.m. ET on Tuesday that the $4.66 billion in volume at the time correlated with the $655 million in inflows seen on the first day of the Bitcoin ETF.
According to The Block’s Ethereum price page, Ether was trading at $3,477.96 as of 4:15 p.m. ET on Tuesday, down 0.6% from the previous 24 hours.
