Ethereum ETFs traded a total of nearly $1 billion in their second day on American exchanges.
Spot Ethereum ETFs launched on Wednesday had a total trading volume of $951 million, according to Yahoo Finance data. On Monday, in its first days on the market, the total money traded reached $1.054 billion.
Grayscale Ethereum Trust (ETHE) stood out with trading volume of approximately $492 million, accounting for almost 52% of the total volume. It was followed by BlackRock's Fidelity Ethereum Fund (FESH) ($113 million) and iShare Ethereum Trust (ETHA) ($256 million).
SosoValue data showed the ETFs accumulated more than $10 billion in assets under management and recorded net inflows of $106.7 million on Tuesday. The only fund to experience an outflow was Grayscale Ethereum Trust, with a net outflow of $484.1 million. Bloomberg Intelligence's James Seyffart said the ETF launch "pretty much" met expectations, adding, "Compared to a standard ETF launch, this was a huge success."
Withdrawals in spot Bitcoin ETFs on Tuesday totaled $77.97 million, breaking a 12-day inflow streak.
Rennick Palley, co-founder of VC firm Stratos, said there are early indications of rotation into Ethereum ETFs, reflecting interest in diversifying among crypto assets.
Bitwise President Teddy Fusaro noted the trading difference between spot Bitcoin ETFs and Ethereum ETFs earlier Wednesday.
Fusaro said in his post: "Ethereum ETFs have been traded for over 852 million dollars as of today. Bitcoin ETFs have been traded for approximately 1.1 billion dollars." “I was surprised that ETH ETFs are trading at around 75% of the face value of BTC ETFs today—higher than I expected.”
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