Ethereum exchange-traded funds (ETF) have already surpassed $1 billion in cumulative trading volume on their first day in the US. 

This would represent roughly one-fifth of the first-day volumes recorded by Bitcoin ETFs during their blockbuster debut in January.

Notably, Grayscale's ETHE is leading the volume chart with $355 million. Some market participants are concerned about possible selling pressure that could be associated with the product's outflows. Fidelity Ethereum Fund (FETH) comes in second place with $292 million. BlackRock's ETHA is at $187 million. 

Ethereum, the leading altcoin by market cap, is currently trading at $3,466 on the Bitstamp exchange after dipping by 0.9%. 

Even though the launch of Ethereum ETFs seems to be a sell-the-news event, the analysts are now waiting for first-day inflows that will provide them with definitive clues about the level of demand for these products. Coinbase researchers believe that stronger-than-expected inflows could be a bullish catalyst for the market (and vice versa). 

As reported by U.Today, Seyffart and fellow analyst Eric Balchunas predicted that the much-hyped Ethereum ETFs would be able to record roughly $6 billion worth of inflows during the first year. This is a more optimistic prediction compared to the one from JPMorgan, whose analysts expected Ethereum ETFs to significantly underperform. These products might struggle to attract significant demand due to the absence of staking rewards.

Galaxy Digital CEO Mike Novogratz described Ethereum ETFs as "a game-changer" for the entire crypto industry. "It not only opens up access to the second-largest cryptocurrency but also delivers much-needed regulatory clarity, confirming that Ethereum is not a security," Novogratz added. 

Meanwhile, BlackRock recently highlighted Ethereum's ability to "drive digital transformation" in various industries.