In a striking development, the trading volume of the first 2x Ethereum Futures ETF, ETHU, tripled to $15 million on its second day of trading, as confirmed by Bloomberg ETF analyst Eric Balchunas. This increase in volume is particularly noteworthy considering the norm usually indicates a reduction in volume following a considerable surge on the launch day.
Balchunas noted that ETHU achieved a trading volume exceeding $5 million on its first day, surpassing the combined volume of all Ethereum futures ETFs on their respective launch days. However, these numbers still represent a fraction of the trading figures seen in Bitcoin-related products.
In comparison, the ProShares bitcoin-based ETFs IBIT and BITO recorded 200 times the amount of ETHU's day-one volume. However, Balchunas reminds that these are long-only funds launched by larger issuers, compared to ETHU, a 2x product released by an independent entity.