Trading volume on the spot Ethereum-ETF exceeded $1 billion on its first day
-- Ethereum-ETF spot shares began trading on July 23.
-- The sector recorded a net capital inflow of $106.78 million.
-- Trading volume exceeded $1 billion.
-- Grayscale Investments fund saw outflows of $484.11 million.
-- An expert expressed concern that other products would not be able to make up for such a loss.
On July 23, 2024, spot Ethereum-ETFs entered the US stock market. Trading volume in the sector totaled $1.11 billion by the end of the day, with net capital inflows of $106.78 million, according to SoSo Value.
As predicted by experts, Grayscale Ethereum Trust (ETHE) recorded an outflow of $484.11 million. The other products are in the green zone
Judging by the platform's data, at least part of ETHE investors transferred funds to a new product from Grayscale Investments - Grayscale Ethereum Mini Trust ETF (ETH). It leads in terms of assets under management (AUM) among other funds.
Bloomberg Intelligence analyst Eric Balchunas commented on the situation with a significant outflow of funds from ETHE. According to him, this value is higher than predicted. The expert is not sure that other funds will be able to compensate for it.
At the same time, he noted that the launch of the funds was successful in general. He compared spot Ethereum-ETFs with products based on other assets in terms of trading volume on the first day.
Three Ethereum-based ETFs - from BlackRock, Fidelity Investments and Bitwise - made it into the top 5.
Ethereum (ETH) reacted to the situation insignificantly. On the daily price chart there are several jumps, but the asset failed to overcome the level of $3500.
