Ethereum ETF Trading Exceeds $1 Billion in Volume on the First Day
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Read more: Bloomberg ETF Analysts: Ethereum ETF Inflow Will Reach $5-6 Billion in the First Year
The blistering start mirrors that of the Bitcoin ETFs that also opened to a good start when they launched in January.
Previously, the trading volume of Ethereum surged over 110% the day before the Ethereum ETF trading kicks off—an indication of strong anticipation. The Ethereum ETFs just broke $120 million in transactions in less than 15 minutes since trading began.
Historical ETF data from Bitcoin suggests that while the initial trading was strong, it took weeks for big price increases to occur. If Ethereum were to follow this, August may turn out to be a time when this asset showed strong growth.
According to a Bloomberg analyst, James Seyffart, the very first trading day saw mixed inflows and outflows. The most striking thing is that the outflow from Grayscale’s ETHE equaled $484 million in just one day, with $204 million inflows for Bitwise ETHW. The other notable inflows are those into Grayscale ETH Mini Trust.
The most active exchange-traded fund is BlackRock’s iShares Ethereum Trust ETF, which changed hands in $248 million worth of shares under the ticker ETHA, ranking among the highest first-day volumes on record.
Analysts were already eyeing a bullish outlook for Ethereum moving into Q4 2024, and this strong ETF debut signals optimism in its market performance moving forward.
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