The launch of the first Ethereum ETFs in the US began with a bang on Tuesday, with many experiencing impressive trading volumes immediately.
High Trading Volumes
The initial Ether ETFs accumulated over $1 billion in trading volume across nine different funds. While this debut was noteworthy, it did not surpass the monumental launch figures of Bitcoin ETFs. Nonetheless, some of these new ETFs made it into the top 50 highest-traded US ETF launches of all time.
BlackRock’s iShares Ethereum Trust ETF Shines
On its debut, BlackRock’s iShares Ethereum Trust ETF stood out significantly. Analyst James Seyffart reported that it achieved a trading volume of $258.6 million on its first day, making it one of the top performers for new ETF launches.
Daily Trading Volumes Update
According to recent updates, the Ethereum ETFs accumulated $107 million on their first full day. BlackRock’s ETF led with $266.5 million, followed by Bitwise Asset Management’s ETF with $204 million. This solid performance indicates a promising start for these funds.
Grayscale’s Strong Entry
Grayscale’s newly converted Ethereum ETF also had a remarkable debut, achieving nearly $470 million in trading volume. This impressive figure places it among the top 25 best-performing ETF launches ever. Bitwise Asset Management’s other ETF also performed well, surpassing $94 million in trading volume.
Challenges for Other ETFs
Despite the success of top performers like BlackRock and Grayscale, the remaining six ETFs faced challenges in gaining traction, with many failing to exceed $100 million in trading volume. For example, 21Shares’ Core Ethereum ETF (ETHC) only recorded $8.7 million on its first day.
Comparisons to Bitcoin ETF Launch
This underwhelming performance for some ETFs mirrors the Bitcoin ETF launch, where an initial $4.5 billion in trading volume obscured that only $600 million was fresh investment.
Ether was last traded approximately 1.3% lower, at $3,437.
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