New Spot Ether ETFs See $1 Billion of Trading Volume on First Day

investopedia.com:

Ether, the underlying cryptocurrency of the Ethereum crypto network, and its associated spot exchange-traded funds moved slightly lower on the first day of trading for the new investment products.

Shortly after the market's close, Ether traded a bit under $3,500 according to CoinDesk, edging just lower over the previous 24 hours. The nine spot ether ETFs were down roughly 1% apiece.

The ETFs saw combined trading volume of just over $1 billion, according to The Block.The preexisting Grayscale Ethereum Trust (ETHE) saw the most activity at $456 million worth of trades. The Grayscale Ethereum Trust held more than $9 billion worth of ether prior to its conversion to an ETF.

Of the new funds, BlackRock's iShares Ethereum Trust (ETHA) saw the highest volume at at $240 million, followed by the Fidelity Ethereum Fund (FETH) at $136 million.

The day's spot ether ETF volumes were about 21% of the $4.66 billion seen on the first day of spot bitcoin ETF trading back in January, according to Bloomberg analyst James Seyffart.The spot ether ETF market was more active than the futures-based ether ETFs, which saw limited activity on their debut in October.

Seyffart on the social network X noted that the spot bitcoin ETFs' $4.66 billion of day one trading volume correlated with $655 million of inflows.At a similar ratio, that would indicate roughly $140 million of inflows for the spot ether ETFs.