Seven months after Bitcoin made its big debut on Wall Street, it was Ethereum ‘s time to enter the spotlight.
Spot Ethereum exchanged-traded funds — nine different ETFs from eight issuers — began trading Tuesday and turned the normally staid world of ETF trading into a bonanza.
On their first day of trading on U.S. exchanges, ether ETFs generated more than $1.019 billion in cumulative trading volume, according to Yahoo Finance data compiled by The Block Pro Research.
The Grayscale Ethereum Trust (ticker: ETHE) led the way at $456 million, accounting for nearly half of the total volume. BlackRock's iShare Ethereum Trust (ETHA) (24%, or $240 million) and Fidelity Ethereum Fund (FETH) (13%, or $136 million) were next in line.
The 11 spot bitcoin ETFs have amassed a nearly $60 billion combined market cap and $330 billion in cumulative volume.
See Crypto Indices
“I'm not expecting that type of frenzy around spot ether ETFs,” Nate Geraci, president of The ETF Store, told The Block. “That said, even if spot ether ETFs only pull-in 20-25% of the assets of spot bitcoin ETFs, that would be a highly successful result and one that I think is absolutely achievable.”
Around 3 p.m. EST Tuesday, Bloomberg Intelligences' James Seyffart said on X that the $4.66 billion in volume at that time correlated with $655 million of inflows for the first day of Bitcoin ETFs.
As of 4:15 p.m. EST Tuesday, ether was trading at $3,477.96, down 0.6% over the previous 24 hours, according to The Block's price page for Ethereum.
About Author
Jason is a U.S. news editor at The Block. He previously worked as a staff writer and later served as managing editor at Benzinga, a financial news and data company. He led Benzinga's daily markets coverage as well as the expansion of the outlet's cannabis, cryptocurrency and sports betting verticals. He earned a bachelor's degree in journalism from Central Michigan University and resides in the suburbs of Detroit, Michigan. Follow him on X @JasonShubnell.
