🚀🚀Spot Ethereum ETFs Soar with $1 Billion Trading Volume in First Day 🚀🚀
US-based spot Ethereum exchange-traded funds (ETFs) have had a strong start to the market. On the first day of their launch, nine ETFs reached a total trading volume of approximately $1 billion.
While the high trading volume on the first day of Spot Ethereum ETFs reflected strong interest in the market, it remained slightly lower than the first day trading volumes of Bitcoin ETFs. Grayscale Ethereum Trust (ETHE) experienced a net outflow of $484.1 million. This shows that investors are switching to new lower-cost ETFs and implementing cost-effective strategies.
Among the standout ETFs, BlackRock's ETF generated an impressive $266.5 million in net inflows on its first day. While Bitwise's ETF recorded an inflow of $204 million, Fidelity's ETF recorded an inflow of $71.3 million. According to Drew Walsh, Vice President of Research and Operations at Roundhill Financial, the investor base for Ethereum ETFs generally consists of investors seeking new exposure to crypto assets and largely overlaps with Bitcoin ETF investors.
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