A Recap of the First Day in U.S. Spot ETH ETF Trading
July 23 marked the debut of spot Ethereum ETFs in the U.S. trading markets. According to data from a Bloomberg terminal screenshot shared by analyst James Seyffart, the total net inflows amounted to approximately $106.8 million, with the overall trading volume surpassing $1.11 billion.
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July 23 marked the debut of spot Ethereum ETFs in the U.S. trading markets. According to data from a Bloomberg terminal screenshot shared by analyst James Seyffart, the total net inflows amounted to approximately $106.8 million, with the overall trading volume surpassing $1.11 billion.
Senior ETF analyst at Bloomberg, Eric Balchunas, commented that this trading volume accounted for 23% of what was achieved by U.S. spot Bitcoin ETFs on their first trading day.
Notably, the Grayscale Ethereum Trust experienced significant outflows, with $484.11 million withdrawn. This accounts for nearly 5% of all ETH under the fund's management!
Eric Balchunas highlighted the substantial outflows and suggested that it might be for the best, likening it to quickly ripping a band aid off.
Nevertheless, according to the total net inflows, the newly launched ETH ETFs managed to offset this loss. Significant contributions were made by clients of Blackrock and Bitwise, who infused over $266 million and $204 million into the funds, respectively.
The Grayscale Ethereum Mini Trust did not see substantial inflows despite its low fee structure. It’s worth noting that most issuers are currently offering an initial discount with zero commission fees.
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