Ethereum spot ETF is popular, with a trading volume of over $500 million on its debut
On Tuesday, July 23, local time, Ethereum spot ETF was publicly listed and traded in the United States.
On the first day of its debut, investors were enthusiastic, and the media estimated that the combined trading volume of the first nine Ethereum ETFs exceeded $500 million a few hours after the opening.
The media pointed out that compared with the $4.6 billion trading volume of the Bitcoin spot ETF on its first day of listing in January this year, the trading volume of the Ethereum ETF is just a drop in the bucket. But this is a strong start for ETFs that debuted in the US market. Several Ethereum ETFs are expected to rank among the top 50 US ETFs in terms of first-day trading volume in history on Tuesday.
Trading volume does not reflect the flow of funds bought or sold by investors, and it may take at least until Wednesday this week for us to get data on the net inflow or outflow of funds from Ethereum ETFs.
In May this year, the US SEC approved the exchange's plan to pave the way for the listing of the Ethereum ETF. That month, industry insiders said that the launch of the Ethereum ETF could cause a surge in market demand, leading to tight supply of Ethereum. In the case of tight supply, the price of Ethereum may be more sensitive to capital inflows.
Investors may accept Ethereum ETFs faster than Bitcoin ETFs because many people have already had the opportunity to dabble in Bitcoin ETFs. The total amount of funds flowing into Ethereum spot ETFs may reach about 30% of spot Bitcoin ETFs because Bitcoin's market value exceeds $1.3 trillion, about three times that of Ethereum.
