Spot Ethereum ETFs Generate $1B in Trading Volume on Their First Day

On their first day of trading, spot Ether exchange-traded funds listed in the United States generated roughly $1.08 billion in trading volume, approximately 23% of the amount seen by spot Bitcoin ETFs on their opening day.

According to preliminary data from Bloomberg ETF analyst Eric Balchunas, the Grayscale Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA) had the highest trading volume on July 23, with $458 million and $248.7 million, respectively.

The Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) followed with $137.2 million and $94.3 million, while the 21Shares-issued spot Ether ETF had the lowest volume, failing to reach $10 million.

Balchunas commented that the $625 million volume generated by the “Newborn Eight” products (excluding Grayscale’s ETHE) is considered healthy and he expects a significant portion of it to convert to inflows.