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U.S. spot ethereum exchange-traded funds (ETFs) made a strong debut on Tuesday, attracting nearly $107 million in total inflows, according to data From Farside Investors. BlackRock’s iShares ethereum Trust (ETHA) led the pack with over $266 million on its first day of trading.
The Bitwise ethereum ETF (ETHW) and the Fidelity ethereum Fund (FETH) were also the top performers of the day, capturing $204 million and over $71 million in net inflows, respectively.
Other gains were seen in Franklin ethereum ETF (EZET), VanEck ethereum ETF (ETHV), 21Shares Core ethereum ETF (CETH), Invesco Galaxy ethereum ETF (QETH), and Grayscale ethereum Mini Trust (eth).
Grayscale's ethereum Trust (ETHE), on the other hand, lost $484 million on its first day. The outflows represent 5% of the fund's total value. As of July 2024, ETHE had over $9 billion in assets under management.
The conversion of the Grayscale ethereum Trust into a spot ETF allowed investors to easily sell their shares, potentially leading to a large capital outflow. The situation is likely to mirror the launch of bitcoin spot ETFs in January, when Grayscale’s bitcoin Trust (GBTC) also faced substantial capital outflows.
On the first day of trading, more than $1 billion worth of shares changed hands across all ethereum spot products, crypto Briefing reported. Grayscale’s ETHE dominated trading volume, followed by BlackRock’s ETHA and Fidelity’s FETH.
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