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Highlights
- BlackRock's Ethereum ETF ETHA led with $265 million in total inflows on the first day of launch.
- Firms like Invesco, 21Shares, VanEck, and Franklin had inflows between $5-$15 million.
- The Ethereum price has remained stable at $3,450 as investors take a wait-and-watch approach.
On their debut day, the spot Ethereum ETFs saw notable trading volume of over $1 billion and net inflows of $107 million. BlackRock’s ETF led the pack, while the Grayscale Ethereum Trust (ETHE) had a less favorable impact. This mirrors the pattern observed with GBTC following the Bitcoin ETF launch in January.
Spot Ethereum ETF Flows
On the first day of launch, BlackRock Ethereum ETF ETHA recorded $265 million in total inflows becoming the market leader among all of its peers.
Bitwise Asset Management also managed to steal the limelight with the Bitwise Ether ETF (ETHW) seeing more than $200 million worth of inflows. This has been a pretty good beginning for the asset manager as it gives them an early lead in comparison to other market players like Fidelity.
The Fidelity Ether ETF (FETH), on the other hand, has seen over $70 million in total inflows. Other players like Invesco, 21Shares, VanEck, and Franklin saw inflows to the tune of anywhere between $5-$15 million.
As said, Grayscale ETHE played the major spoilsport recording a staggering $484 million of outflows which is 5% of the fund’s total $10 billion in assets under management. A day before, the asset manager has transferred $1 billion to the Grayscale Ethereum mini-Trust to provide the seed capital ahead of the launch event.
Also Read: Bitwise Ether ETF Reveals 10% Profit Donation To Ethereum Developers
Day 1 Trading Volumes Cross $1 Billion
Bloomberg analyst Eric Balchunas reports that Ether ETFs achieved a significant milestone on their first day of trading, with a total volume of $1 billion. This figure represents 23% of the volume that spot Bitcoin ETFs recorded on their debut. On the first day of launch, the spot Bitcoin ETFs registered nearly $5 billion in trading volumes.
Notably, the BlackRock Ether ETF $ETHA alone accounted for 25% of the volume seen by the BlackRock Bitcoin ETF $IBIT ETF on its first day.
DAY ONE in the books for Eth ETFs who did $1b in total volume, which is 23% of what the spot bitcoin ETFs on their first Day and $ETHA did 25% of $IBIT‘s volume. The gap between $ETHE and The Newborn Eight is a healthy +$625m (a sizable chunk of which *should* convert to inflow pic.twitter.com/jaP4dKLrOs
— Eric Balchunas (@EricBalchunas) July 23, 2024
On the other hand, the Ethereum price has remained largely stable trading around $3,450 as investors take a wait-and-watch approach with the reaction to market inflows.
Also Read: Ethereum Price Targets Rally Above $4000 As ETH ETFs Start Trading
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