U.S.-listed spot Ether exchange-traded funds generated approximately $1.08 billion in total trading volume on their first day of trading — about 23% of the volume seen by spot Bitcoin ETFs on their opening day.

Grayscale Ethereum Trust (ETHE) and BlackRock's iShares Ethereum Trust (ETHA) saw the highest volume on July 23, at $458 million and $248.7 million, respectively. Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) were in the top four with $94.3 million and $63.8 million.

Bloomberg ETF analyst Eric Balchunas called the $625 million in volume from the "Newborn Eight" products "healthy" and expects a significant portion of that amount to translate into inflows.

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