The ETFs recorded total inflows of over $107 million and $1 billion in trading volume.
BlackRock’s ETHA had the recorded highest inflows worth $266.5 million.
The keywords associated with ‘Ethereum’, ‘Spot’, or ‘ETF’ went off the charts.
Newly launched spot Ethereum exchange-traded funds (ETFs) in the United States experienced a surge in trading activity on its first day, exceeding $1 billion in volume and attracting over $107 million in inflows. This robust debut signals strong investor interest in gaining exposure to Ethereum through regulated financial products.
After the SEC’s approval of S-1 filings, Bitwise CEO Matt Hougan noted in an X post that pre-market trading of ETH ETPs was significantly lighter than pre-market trading of BTC ETPs on their launch day.
Pre-market trading of ETH ETPs is significantly lighter than pre-market trading of BTC ETPs on launch day. Still, good to see trading activity in the biggest expected players pre-market.
— Matt Hougan (@Matt_Hougan) July 23, 2024
As Bloomberg ETF analyst James Seyffart pointed out on X (formerly Twitter), the iShares Ethereum Trust ETF (ETHA) recorded the highest inflows, totaling $266.5 million, followed by the Bitwise Ethereum Strategy ETF (AETH) with $204 million.
Conversely, the Grayscale Ethereum Trust (ETHE) saw outflows totaling $484.1 million. The outflows from ETHE were expected, as significant outflows were also seen in the case of GBTC. As per data from SoSoValue, Grayscale’s GBTC has seen $18.72 billion in outflows since its January debut.
Notably, BlackRock recorded just 25% of the total inflows it had witnessed with the iShares Bitcoin Trust (IBIT), as highlighted by Senior Bloomberg analyst Eric Balchunas. Further, ETH ETFs did $1 billion in volume, which is 23% of the volume that Bitcoin ETFs did. Balchunas added:
“The gap between $ETHE and The Newborn Eight is a healthy +$625m (a sizable chunk of which *should* convert to inflow.”
Following the success of Ethereum ETFs, the social volume toward any keywords related to ‘Ethereum’, ‘Spot’, or ‘ETF’ skyrocketed, according to data from Santiment. Additionally, ETH/BTC has risen 3.4%, and traders believe that the bullish sentiment surrounding Ether (ETH) is just in its early stages.
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