Sopt Ethereum ETFs officially hit the U.S. stock market Tuesday morning and have already generated significant trading volume.
The exchange-traded funds accumulated $205 million in combined trading volume in less than an hour, according to Yahoo Finance data compiled by The Block Pro Research. At about 10:45 a.m. EST, or 75 minutes after the open, the funds hit $300 million in trading volume.
Bloomberg Senior ETF Analyst Eric Balchunas provided some context on the early numbers.
“Here's volume after first 15 minutes of trading. Total of $112m traded for the group (which is A TON vs a normal ETF launch but only about half of what bitcoin ETFs' volume pace was on DAY ONE, altho 50% would exceed expectations IMO),” he said in a post on X.
Balchunas noted this comparison didn't include GBTC, and if you add that in, the ETH ETFs do about 20% to 25% of the volume of the BTC ETFs. “Regardless, very solid showing,” he said.
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“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.”
Kraken's head of strategy predicted net inflows of $750 million to $1 billion per month for the first five to six months, The Block previously reported.
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.
