Investors traded over $1 billion worth of shares of the freshly launched ether exchange-traded fund (ETF) issuers on the first day of their availability, data from Bloomberg shows.

Trading volume simply represents the dollar amount of shares exchanged and doesn’t give any insights into whether these trades signal inflows or outflows. It is also unclear whether investments were made with a long term vision or for short term gains in the form of arbitrage trades, for example.

The spot bitcoin ETFs, for example, saw $4.5 billion in trading volume on launch day but only roughly $600 million of that represented inflows.

Grayscale’s Ethereum Trust (ETHE) turned out to be the most traded on day one with volume of nearly $458 million, or nearly half of the overall volume.

BlackRock’s iShares Ethereum Trust (ETHA) saw $243 million in trading volume – with this far more likely to be inflows versus the action the Grayscale fund.

All other six funds saw below $100 million with 21Shares’ Core Ethereum ETF (ETHC) seeing the least traction on day one.

With the overall trading volume maxing out at $1.077 billion, the funds saw roughly 20% of the trading volume that the spot bitcoin ETFs experienced on launch day in January.