Bloomberg ETF analyst James Seyffart compared the performance of the Ethereum spot ETF and the Bitcoin spot ETF on the first day, and believed that "compared to the first day of the Bitcoin ETF, the trading volume of the Ethereum ETF was about 24%, and the flow was 16.5 %. It was a very solid day!”

Ethereum spot ETF first day performance

The Ethereum spot ETF was officially launched on 7/23, with total trading volume reaching $1.112 billion on the first day, and overall net inflows of $107.8 million.

EHTE’s total trading volume, excluding grayscale, reached $642.9 million, with overall net inflows of $591.9 million.

ETH v.s. BTC ETF

Bloomberg ETF analysis James Seyffart also compared the performance of the Ethereum spot ETF and the Bitcoin spot ETF on the first day (the following data is the relative performance of ETH divided by BTC).

Trading volume: 23.9%

Trading volume (excluding Grayscale, but including Grayscale Mini): 27.6%

Net inflow: 16.5%

Net inflow (excluding grayscale, but including grayscale mini): 78.9%

James Seyffart says:

Compared to the Bitcoin ETF on day one, the Ethereum ETF saw roughly 24% volume and 16.5% flow. I thought it was a very solid day!

The difference lies in the outflow of grayscale

Seyffart also pointed out that the main difference between the two comparisons is the relatively large outflow of ETHE, as GBTC was still trading at a meaningful discount at launch.

According to data from YCharts, GBTC slowly recovered from -6.53% on 1/9 before launch to -0.11% on 1/22.

But ETHE had already risen sharply towards 0 as early as 5/24, after the approval of Form 19-4b for the Ethereum Spot ETF.

Demand for ETH exceeds expectations on day one

Juan Leon, senior analyst at Bitwise, also said:

This is a marathon, not a sprint, but demand for ETH exceeded expectations on day one. Prepared for the road ahead.

OKX Global Chief Commercial Officer Lennix Lai said that the approval and launch of the ETH ETF shows that the SEC does not define ETH as a security.

The launch of the ETH ETF means more money flowing into the ETH ecosystem, especially from institutional investors.

Alice Liu, head of research at CoinMarketCap, also said:

Based on the European markets where the ETH ETF already trades, we expect institutional demand to increase over the next 3-5 months. Strong first-day demand for the ETH ETF significantly exceeded market expectations and signals a promising long-term outlook.

This Article Ethereum vs. Bitcoin Spot ETF, Bloomberg Analyst: Very Solid First Day! First appeared in Chain News ABMedia.