MILESTONE | ETH ETFs Post Over $1 Billion Trading Volume ‘Surpassing Expectations’ on First Day of Trading

2026-01-09 08:00:59

The nine United States Ether Exchange-Traded Funds (ETFs) saw about $1.08 billion in cumulative trading volume on their first day, 23% of what the spot Bitcoin ETFs had on their first day.

The ETFs, listed on July 23 2024, posted net inflows of $106.6 million on the first day despite Grayscale’s freshly-converted Ethereum Trust experiencing $484.1 million in net outflows, the only fund with outflows.

BlackRock’s iShares Ethereum Trust ETF (ETHA) led with $266.5 million of inflows, followed closely by
The Bitwise Ethereum ETF (ETHW) with $204 million in net inflows
The Fidelity Ethereum Fund ETF (FETH) came in third with $71.3 million
Grayscale’s Ethereum Mini Trust, a spinoff product launched by the asset manager with lower fees, generated $15.2 million in new inflows
Franklin Templeton’s Franklin Ethereum ETF (EZET) netted $13.2 million, while
21Shares’ Core Ethereum ETF (CETH) saw $7.4 million in inflows

Bloomberg Intelligence’s James Seyffart said the ETF launch ‘pretty much’ met his expectations.

“[If] we compare it to a standard ETF launch, it was a smashing success,” Seyffart said.

Juan Luan, senior Investment Strategist at Bitwise Invest, said the demand for ETH surpassed expectations on day one.

“Total ETH flows ($108M) were 16% of BTC flows ($655M), but 79% if you exclude the outflows from ETHE ($484M)/GBTC ($95M) conversions. ETHE outflows likely larger because it was already trading at NAV on conversion, while GBTC was still at discount,” he said.

![](data:image/svg+xml,%3Csvg%20xmlns=‘http://www.w3.org/2000/svg’%20viewBox=‘0%200%201194%20566’%3E%3C/svg%3E) Comparing the respective debuts of ETH and BTC ETFsThat said, cryptocurrency market data provider, Kaiko, reported that despite spot Ethereum ETFs attracting more than $1 billion in trade volume on their first day, spot ETH trading volume on centralized exchanges barely moved.

The price of $ETH even dropped further on July 24 2024. The second largest cryptocurrency is trading for $3,161 at the time of publication, down 8% in the last 24 hours and 7.4% in the last seven days, according to CoinGecko.

By comparison, the U.S. stock market experienced a significant downturn, marking its worst one-day performance since late 2022. The S&P 500 fell by 2.3%, and the Nasdaq Composite saw a steeper decline of 3.64%. This sell-off was primarily driven by disappointing quarterly results from major tech companies, including Alphabet and Tesla.

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ETH-0,85%

BTC-0,44%

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