Ethereum ETFs surpass $600 million in volume, tracking toward $900 million

Key Takeaways

• Ethereum ETFs reached $600M in volume within three hours of US market opening.
• Grayscale's ETHE leads with $270M volume, while BlackRock's ETHA follows at $133.5M.

Spot Ethereum (ETH) exchange-traded funds (ETFs) surpassed $600 million in volume in less than three trading hours in the US, according to Bloomberg ETF analyst James Seyffart. The amount is roughly 13% of the volume registered by Bitcoin ETFs on their first trading day.

Nevertheless, Seyffart’s fellow Bloomberg ETF analyst Eric Balchunas highlighted that the volume shown by Ethereum ETFs is very significant, as ETFs rarely see more than $1 million in volume on launch day. 

However, Seyffart believes that Ethereum ETFs are on pace “to be a bit shy” of $1 billion in trading, although it could hit $940 million. This is equivalent to roughly 20% of the volume registered by Bitcoin ETFs on their first trading day and fits Seyffart’s and Balchunas’ predictions. “Last 30 min of trading will be important,” added Seyffart.

Grayscale’s ETHE leads with nearly $270 million in volume, but Balchunas underscores that this could be mostly outflows, while the rest of the ETFs are likely showing inflows. If that’s the case, the analyst predicts total assets under management at the $100 million level today.

Notably, excluding ETHE, BlackRock’s ETHA registers $133.5 million in volume and leads the pack by a comfortable margin. The only Ethereum ETFs with less than $10 million in volume at the time of writing are 21Shares’ CETH and Invesco’s QETH, which registered $5.2 million and $8 million, respectively.

Moreover, as some industry experts expected, the launch didn’t affect ETH’s price, which is down by 1.6% over the past 24 hours, and declining by 0.7% over the past hour.