Success on the first day! Ethereum ETF trading volume exceeds $1 billion

According to data, the Ethereum ETF newly launched in the United States on Tuesday had a trading volume of over $1 billion on its first day of listing.

Among them, Grayscale's Ethereum ETF is the product with the largest trading volume, with a scale of nearly $458 million, and BlackRock's fund ranks second with a trading volume of $243 million. The trading volume of several other ETFs is less than $100 million. It is worth noting that trading volume is not equivalent to inflow. For example, the Bitcoin ETF listed in January this year had a trading volume of 4.5 billion on the first day, but its actual inflow was only about $600 million. The inflow amount of Ethereum ETF will be announced later on Wednesday.

Since Grayscale's Ethereum Trust is the product with the largest trading volume, it has existed before and investors usually redeem it and transfer it to ETFs with lower management fees after more funds come out. The industry expects that most of its trading volume is capital outflow. According to HODL 15 Capital monitoring, Grayscale Ethereum Trust is expected to outflow $484 million on the first day.

Although the exact share of the Ethereum ETF is still unclear, the industry is still very satisfied with the size of the deal. Bitwise CIO Matt Hougan said that the market demand for the Ethereum ETF is great, and its first-day trading volume may also be the second largest in the history of ETFs. He expects that the demand for the Ethereum ETF will reach about 20-30% of the Bitcoin ETF, which is the largest ETF to date, attracting up to $17 billion in funds in 6 months. He also added that even if 20-30% of the funds (equivalent to the Bitcoin ETF) flow into the Ethereum ETF, it will be enough to change the landscape of Ethereum and prove that cryptocurrencies are the main tradable assets in the market. Major Victory The launch of the Ethereum ETF marks another victory for the cryptocurrency industry, but the consensus among analysts is that it is unlikely to attract the same amount of funds as the Bitcoin ETF, but it is of great significance to the industry's efforts to classify Ethereum as a commodity rather than a security.

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