• Ethereum ETFs soared with $361 million volume in the first 90 minutes of trading on their debut day
• Grayscale’s ETHE ETF recorded the highest volume of $147.8 million, followed by BlackRock’s ETHA at $71.4 million
• The impressive volumes far surpassed typical new ETF launches, which often struggle to exceed $1 million on the first day
The long-awaited Ethereum exchange-traded funds (ETFs) debuted on July 23, 2024 to enthusiastic demand from investors. Within the first 90 minutes of trading, the nine newly launched ETFs amassed a staggering $361 million in volume.
Massive Trading Volume in the First 90 Minutes
According to Eric Balchunas, a senior ETF analyst at Bloomberg, the Ethereum ETFs traded between $20 million and $150 million each in the initial 90 minutes. The ETF with the highest volume was Grayscale‘s ETHE at $147.8 million. Other top performers included BlackRock’s ETHA at $71.4 million and Bitwise’s ETHW at $50.4 million.
Balchunas noted that the ETFs’ opening day volume of $361 million would rank them around 15th overall among all ETFs. He added that this volume is especially impressive for brand new ETFs, which rarely exceed $1 million on their first day.
The robust demand shows that investors eagerly awaited access to Ethereum through traditional financial products. Market participants will be watching to see if the ETFs can maintain momentum in the days and weeks ahead. The successful debut bodes well for the future of crypto asset ETFs.
