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Ether ETFs See $107M Inflows on Day One as Trading Volume Tops $1B
Daily cumulative net inflow hit $106.78 million, with most ETFs in the green on the first day of trading.
- Ether ETF volumes pushed past $1 billion on the first day of trading, with $106.78 million in net flow.
- In comparison, the bitcoin ETFs had $4.5 billion in trading volume on their first day, and $600 million in net flow.
Investors traded over $1 billion worth of shares of the freshly launched ether (ETH) exchange-traded fund (ETF) issuers on the first day of their availability, data from Bloomberg shows.
Of this $1 billion, there was a net inflow of $106.7 million, according to a tracker from SoSoValue. Most of the outflow came from Grayscale's Ethereum Trust (ETHE), which saw $484 million in outflow.
STORY CONTINUES BELOW
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The spot bitcoin ETFs, for example, saw $4.5 billion in trading volume on launch day but only roughly $600 million of that represented inflows.
The BlackRock iShares Ethereum Trust ETF (ETHA) had the most inflow at $266.5 million, followed by Bitwise's Ethereum ETF (ETHW) at $204 million.
With the overall trading volume maxing out at $1.077 billion, the funds saw roughly 20% of the trading volume that the spot bitcoin ETFs experienced on launch day in January.
Many market observers had speculated that volume and flow for the ETH ETFs would be underwhelming due to a lack of staking mechanism.
Ether is currently trading below $3500, according to CoinDesk Indices data.
UPDATE (July 24, 07:00 UTC): Adds details on Ether ETF outflows.
UPDATE (July 24, 07:15 UTC): Rewrites headline to add net inflows.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
Sam Reynolds
Sam Reynolds is a senior reporter based in Asia. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.
