đą Spot Ethereum ETFs post $107M net inflows on first day: đđđđ
âïž The newly launched spot ETH funds posted positive net inflows despite being weighed down by $485 million of bleeding from Grayscaleâs Ethereum Trust.
United States Ether exchange-traded funds (ETFs) posted a net inflow of $106.6 million on their first day of trading â despite massive outflows from Grayscaleâs freshly-converted Ethereum Trust.
BlackRock and Bitwiseâs ETFs led the pack, with BlackRockâs iShares ETF (ETHA) posting $266.5 million and Bitwiseâs Ethereum ETF (ETHW) with $204 million in net inflows.
Fidelityâs Ethereum Fund (FETH) came in third with $71.3 million.
The Ethereum ETFs notched $106.6 million worth of inflows on day one. Source: FarSide
The inflows to the ânewbornâ spot Ether funds were enough to overcome bleeding from Grayscale Ethereum Trust (ETHE), which outflowed $484.9 million on the day â equating to 5% of the once $9 billion fund.
ETHE was launched by Grayscale in 2017 and allowed institutional investors to buy ETH. However, it imposed a six-month lock-up period on all investments.
The conversion to a spot ETF means that investors are now able to more easily sell their shares, which could explain the high day-one outflows.
In January, spot Bitcoin ETFs were marred by a similar dynamic with Grayscaleâs Bitcoin Trust (GBTC), which saw over $17.5 billion in outflows following the launch of the 11 spot BTC funds.
Related: Traders say Ethereum âundervalued,â expect spot ETH ETF to fuel new highs
Franklin Templetonâs fund (EZET) netted $13.2 million, while 21Sharesâ Core Ethereum ETF (CETH) saw $7.4 million in inflows.
Overall, the spot ETH funds generated $1.08 billion in cumulative trading volume on their first day of trading â 23% of the volume spot Bitcoin ETFs saw on their debut.
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