$ENA $BTC $ETH

📢 Spot Ethereum ETFs post $107M net inflows on first day: 🚀🚀🚀🚀

✍️ The newly launched spot ETH funds posted positive net inflows despite being weighed down by $485 million of bleeding from Grayscale’s Ethereum Trust.

United States Ether exchange-traded funds (ETFs) posted a net inflow of $106.6 million on their first day of trading — despite massive outflows from Grayscale’s freshly-converted Ethereum Trust.

BlackRock and Bitwise’s ETFs led the pack, with BlackRock’s iShares ETF (ETHA) posting $266.5 million and Bitwise’s Ethereum ETF (ETHW) with $204 million in net inflows.

Fidelity’s Ethereum Fund (FETH) came in third with $71.3 million.

The Ethereum ETFs notched $106.6 million worth of inflows on day one. Source: FarSide

The inflows to the “newborn” spot Ether funds were enough to overcome bleeding from Grayscale Ethereum Trust (ETHE), which outflowed $484.9 million on the day — equating to 5% of the once $9 billion fund.

ETHE was launched by Grayscale in 2017 and allowed institutional investors to buy ETH. However, it imposed a six-month lock-up period on all investments.

The conversion to a spot ETF means that investors are now able to more easily sell their shares, which could explain the high day-one outflows.

In January, spot Bitcoin ETFs were marred by a similar dynamic with Grayscale’s Bitcoin Trust (GBTC), which saw over $17.5 billion in outflows following the launch of the 11 spot BTC funds.

Related: Traders say Ethereum ‘undervalued,’ expect spot ETH ETF to fuel new highs

Franklin Templeton’s fund (EZET) netted $13.2 million, while 21Shares’ Core Ethereum ETF (CETH) saw $7.4 million in inflows.

Overall, the spot ETH funds generated $1.08 billion in cumulative trading volume on their first day of trading — 23% of the volume spot Bitcoin ETFs saw on their debut.

#ETH_ETFs_Trading_Today #Bitcoin_Coneference_2024 #BinanceHODLerBANANA #HamsterKombat #BinanceTurns7