Spot Ethereum ETFs Debut with Over $1 Billion in First-Day Trading Volume

In a landmark moment for the cryptocurrency market, spot Ethereum exchange-traded funds (ETFs) made their debut on U.S. exchanges Tuesday, generating an impressive $1.019 billion in cumulative trading volume on their first day. This launch comes seven months after the successful introduction of spot Bitcoin ETFs, further solidifying cryptocurrencies’ presence in mainstream financial markets.

Nine different ETFs from eight issuers began trading, transforming the typically subdued world of ETF trading into a flurry of activity. Leading the charge was the Grayscale Ethereum Trust (ticker: ETHE), which accounted for nearly half of the total volume at $456 million. BlackRock’s iShare Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH) followed, contributing 24% ($240 million) and 13% ($136 million) of the volume, respectively.

For context, the 11 spot Bitcoin ETFs have amassed a combined market cap of nearly $60 billion and $330 billion in cumulative volume since their launch. Bloomberg Intelligence’s James Seyffart noted that the $4.66 billion in volume recorded by 3 p.m. EST on Tuesday correlated with approximately $655 million of inflows for the first day of Bitcoin ETFs.

As of 4:15 p.m. EST Tuesday, Ethereum was trading at $3,477.96, down 0.6% over the previous 24 hours. The successful launch of spot Ethereum ETFs marks another significant step in the integration of cryptocurrencies into traditional financial markets, offering investors new opportunities to gain exposure to the second-largest cryptocurrency by market capitalization.