Ethereum Futures ETFs Hit Record Daily Trading Volume Amid Anticipation of Spot Approvals
The daily trading volume for Ethereum futures exchange-traded funds (ETFs) surged to an all-time high yesterday, fueled by increasing anticipation of potential spot approval from the U.S. Securities and Exchange Commission (SEC).
On Tuesday, Ethereum futures ETFs recorded a trading volume of $47.75 million, a 40% increase from the previous peak of $34.18 million set on March 5, when Ether was nearing the $4,000 mark. This build-up followed a significant spike of $23.67 million on Monday.
ProShares’ Ether Strategy ETF (EETH) led the category, accounting for $43.14 million or 90% of yesterday’s trading volume. VanEck’s Ethereum Strategy ETF (EFUT) and Bitwise’s Ethereum Strategy ETF (AETH) followed, generating $2.6 million and $2.01 million, respectively, according to The Block’s dashboard data.
Despite this new record, the trading volume for Ethereum futures ETFs, which launched in October 2023, remains modest compared to spot Bitcoin ETFs.
The latter debuted in January and amassed a combined trading volume of $2.16 billion on Tuesday, spearheaded by BlackRock’s IBIT with $1.12 billion.
However, it is noteworthy that spot Bitcoin ETF daily trading volume has significantly decreased since its peak of $9.93 billion on March 5, coinciding with Bitcoin surpassing its previous cycle high of around $69,000.
Grayscale’s Ethereum Trust (ETHE) also saw a substantial rise in trading volume on Tuesday, reaching $684.44 million — the highest since its all-time high of $842.67 million in May 2021. ETHE’s discount to net asset value narrowed to -6.7%, its lowest level in over two years.
Investors are purchasing discounted shares in anticipation of a potential ETF conversion , reminiscent of the scenario with Grayscale’s
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