Ethereum Spot ETFs Debut with $1B in Trading Volume, But ETH Price Stays Flat
Ethereum spot exchange-traded funds (ETFs) made a strong debut on its first trading day, attracting over $1 billion in volume traded. Despite this substantial volume, the price of Ethereum, the second-largest cryptocurrency by market capitalization, has remained stagnant. ETH is currently trading at $3,447 per coin, down slightly over 0.8% over the past 24 hours.
The Ethereum ETFs began trading on American stock exchanges following the Securities and Exchange Commission's approval in May. Although they have generated significant trading activity, specific details regarding the inflows and outflows for each fund are not yet available.
Bloomberg ETF analyst James Seyffart shared his expectations on X, predicting daily inflows between $125 million and $325 million, depending on the number of investors these firms had prearranged. Meanwhile, Bloomberg ETF analyst Eric Balchunas said the volume from the “Newborn Eight” products, which excludes Grayscale, was “healthy” and expects a substantial volume tol convert to inflows.
Among the nine funds, Grayscale’s Ethereum Trust (ETHE) saw the highest volume, with $461 million in shares traded, as reported by Yahoo Finance. BlackRock’s iShares Ether Trust (ETHA) followed with $244.7 million, while Fidelity’s Fidelity Ethereum Fund (FETH) handled $138.5 million in volume. Bitwise’s Ethereum Fund (ETHW) recorded just under $100 million, and VanEck saw around $45 million in trading volume.
Other ETFs, including Grayscale’s mini ETH ETF (ETH), managed $63.8 million. Funds from Franklin Templeton, Invesco, and 21Shares had smaller trading volumes, with $15.9 million, $12 million, and $8.6 million, respectively.
