Ethereum ETFs hit $300 million in trading volume in first hour of being live on the market

Market Updates•July 23, 2024, 11:09AM EDT
Ethereum ETFs hit $300 million in trading volume in first hour of being live on the market
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Quick Take

  • Eight different issuers launched ether ETFs to institutional investors and retail traders.
  • Less than one hour into the trading session, spot Ethereum ETFs accumulated $200 million in trading volume.
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Sopt Ethereum ETFs officially hit the U.S. stock market Tuesday morning and have already generated significant trading volume.

The exchange-traded funds accumulated $205 million in combined trading volume in less than an hour, according to Yahoo Finance data compiled by The Block Pro Research. At about 10:45 a.m. EST, or 75 minutes after the open, the funds hit $300 million in trading volume.

Bloomberg Senior ETF Analyst Eric Balchunas provided some context on the early numbers.

"Here's volume after first 15 minutes of trading. Total of $112m traded for the group (which is A TON vs a normal ETF launch but only about half of what bitcoin ETFs' volume pace was on DAY ONE, altho 50% would exceed expectations IMO)," he said in a post on X.
 
Balchunas noted this comparison didn't include GBTC, and if you add that in, the ETH ETFs do about 20% to 25% of the volume of the BTC ETFs. "Regardless, very solid showing," he said.
 
The debut of spot Bitcoin ETFs in January has been heralded by many in the industry as the greatest ETF launch ever. The funds have seen $300 billion of cumulative trading volume in the first six months, peaking at $61.5 billion in AUM.

"I’m not expecting that type of frenzy around spot ether ETFs," Nate Geraci, president of The ETF Store, told The Block. "That said, even if spot ether ETFs only pull-in 20-25% of the assets of spot bitcoin ETFs, that would be a highly successful result and one that I think is absolutely achievable."

Kraken’s head of strategy predicted net inflows of $750 million to $1 billion per month for the first five to six months, The Block previously reported.


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