Ethereum exchange-traded fund (ETF) has recorded $1 billion in total trading volume just 24 hours after it was approved for trading.
Despite this surge in ETF trading, the price of Ethereum itself remained relatively stable throughout the day. As of now, Ethereum is trading at $3,465, showing only a 0.50% increase in the past 24 hours despite the ETF launch. This indicates that while there is significant interest in Ethereum investment products, it has not yet significantly impacted the cryptocurrency’s market price.
According to Yahoo Finance, Grayscale’s Ethereum Trust (ETHE) led the trading activity with $461 million in shares bought and sold. BlackRock’s iShares Ether Trust (ETHA) followed with $244.7 million in trades, and Fidelity’s Ethereum Fund (FETH) was third with $138.5 million.
Other funds also saw significant trading activity. Bitwise’s Ethereum Fund (ETHW) nearly reached $100 million in trades, while VanEck’s fund had about $45 million. Grayscale’s mini ETH ETF (ETH) handled $63.8 million in trades. Smaller funds from Franklin Templeton, Invesco, and 21 Shares saw less trading, ranging from $8.6 million to $15.9 million.
Moreover, James Seyffart, an ETF analyst at Bloomberg had predicted that these funds would attract between $125 million and $325 million on their first day. He mentioned that the final numbers would depend on how many investors the firms had lined up in advance. However, specific figures on the money flowing in and out of each fund are not yet disclosed
While the Ethereum ETFs had a strong debut, they didn’t reach the impressive $4.5 billion in trades seen when Bitcoin ETFs launched in January. Experts had anticipated this difference, given that Ethereum has a smaller market cap compared to Bitcoin.
Also Read: Bitwise Unveils ETHW, Spot Ethereum ETF with ENS Subnames
