<img src="https://cryptoslate.com/wp-content/uploads/2024/07/ethereum-etf-performance.jpg” />
ethereum spot exchange-traded funds (ETFs) debuted to solid investor interest within the first 90 minutes of trading, accumulating a total volume of $361 million across the nine newly launched ETFs.
Eric Balchunas, senior ETF analyst at Bloomberg, shared the x.com/EricBalchunas/status/1815767604453138738″>initial data on social media and noted that the impressive start places these ETFs in the top 1% in overall ETF volume, comparable to well-established funds such as TLT and EEM.
Leading the way, Grayscale’s ETHE recorded the largest volume at $147.8 million, followed by BlackRock’s ETHA at $71.4 million and Bitwise’s ETHW at $50.4 million. Fidelity’s FETH also saw significant activity, recording a volume of $49.3 million.
Other ETFs contributing to the remarkable 90-minute total include Grayscale’s eth at $18.4 million, VanEck’s ETHV at $9.3 million, Franklin Templeton’s EZET at $8.5 million; Invesco’s QETH at $4.0 million and 21Shares’ CETH at $2.0 million.
These figures highlight the strong demand for ethereum-based investment vehicles, far outstripping the typical volume of new ETF launches, which often struggle to surpass $1 million on their first day.
According to Balchunas:
“As a group, that figure ($361 million) would put them 15th in terms of ETF volume. Compared to a typical ETF launch, which rarely exceeds $1 million on the first day, they have all exceeded that figure and then some.”
Previously, Balchunas had reported that within the first 15 minutes of trading, ethereum ETFs had already racked up $112 million in volume. This initial surge, while impressive, was roughly half the volume pace of bitcoin ETFs on their first day.
Balchunas noted that ethereum ETFs are performing at about 20% to 25% of the volume recorded by bitcoin ETFs when the Grayscale exit is taken into account, which is still a very solid performance and is in line with his previous projections.
The initial success of these ethereum ETFs’ operations reflects the growing interest of investors in digital assets and their integration into traditional financial products. This development is expected to further boost the visibility and adoption of cryptocurrency in traditional markets.
For now, market watchers will be eager to see if this strong start can be sustained throughout the day and what it indicates for the future of cryptocurrency ETFs.
