During their second day on the U.S. markets, Ethereum ETFs traded nearly $1 billion in cumulative volume.
The spot ether ETFs generated about $937 million in cumulative trading volume on Wednesday, according to Yahoo Finance data compiled by The Block Pro Research. The funds traded $1.054 billion on Tuesday, their first day on the market.
The Grayscale Ethereum Trust (ticker: ETHE) again led with about $486 million, accounting for about 52% of the total volume. BlackRock's iShare Ethereum Trust (ETHA) ($255 million) and Fidelity Ethereum Fund (FETH) ($110 million) were next in line.
The ETFs recorded $106.7 million in net inflows on Tuesday and amassed over $10 billion in assets under management, according to SosoValue data. The Grayscale Ethereum Trust experienced $484.1 million in net outflows, the only fund with outflows.
Regarding Tuesday's debut, Bloomberg Intelligence's James Seyffart said the ETF launch “pretty much” met his expectations. “[I]f we compare it to a standard ETF launch, it was a smashing success,” Seyffart said.
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Spot bitcoin ETFs witnessed $77.97 million in outflows on Tuesday, ending a 12-day inflow streak.
Rennick Palley, a founding partner at VC firm Stratos, noted some early signs of rotation from the spot Bitcoin ETFs into Ethereum ETFs, which he said is “an indication of interest in diversification across crypto assets in ETF form.”
Earlier Wednesday, Bitwise President Teddy Fusaro noted a trading difference between the Ethereum ETFs and spot Bitcoin ETFs.
“Ethereum ETFs have traded about $852 million in value today thus far. Bitcoin ETFs have traded about $1.1 billion,” Fusaro said on X. “Surprised that ETH ETFs are trading about 75% of the notional value of BTC ETFs today – higher than I expected.”
