Spot ethereum exchanged-traded funds — nine different ether ETFs from eight issuers — began trading Tuesday.
On their first day of trading on U.S. exchanges, ether ETFs generated more than $1 billion in cumulative trading volume. Of this $1 billion, there was a net inflow of $106.7 million, according to a tracker from SoSoValue.
Most of the outflow came from Grayscale’s Ethereum Trust (ETHE), which saw $484 million in outflow. The BlackRock iShares Ethereum Trust ETF (ETHA) had the most inflow at $266.5 million, followed by Bitwise’s Ethereum ETF (ETHW) at $204 million.
With the overall trading volume maxing out at $1.077 billion, the funds saw roughly 20% of the trading volume that the spot bitcoin ETFs experienced on launch day in January.
CNBC highlights that the U.S. Securities and Exchange Commission has long been skeptical of cryptocurrencies, but the regulator lost a legal fight last year over bitcoin ETFs that led to their introduction in January. Since bitcoin and ether both already have regulated futures markets, the ether ETFs were seen as the next logical step for the industry.
The post Spot ethereum ETFs begin trading in U.S. appeared first on Crypto Reporter.
