Spot ether exchange-traded funds (ETFs) concluded their first day of trading in the US with over $1 billion in trading volume.
Nearly half of that trading volume was in the newly converted Grayscale Ethereum Trust (ETHE), according to data shared by Bloomberg ETF analyst Eric Balchunas. While Balchunas’ colleague James Seyyfart noted that ETHE’s “big outflow number” was $484 million, while the Grayscale Ethereum Mini Trust, which trades under the ticker “ETH,” saw $15 million in inflows.
All the other spot ether ETFs had a positive day — BlackRock’s Ishares Ethereum Trust ETF (ETHA) led the way with $266.5 million worth of inflows, according to Bloomberg data. Bitwise saw the second highest inflows, with $204 million flowing into the Bitwise Ethereum ETF (ETHW).
Asset management titans Fidelity and Franklin Templeton saw relatively more moderate inflows. The Fidelity Ethereum Trust (FETH) recorded $71.3 million worth of inflows, and Franklin Ethereum ETF (EZET) saw $13.2 million worth of inflows.
The VanEck Ethereum Trust (ETHV), Invesco Galaxy Ethereum ETF (QETH) and 21 Shares Core Ethereum ETF (CETH) recorded $7.6 million, $5.5 million and $7.5 million worth of inflows respectively.
It is likely that the leaderboard of inflows into spot ether ETFs will be a similar picture in the days to come, given the fact that Grayscale’s ETHE is charging a fee that is 10 times higher than the competition.
On the other end of the spectrum, crypto investment firm Bitwise is donating 10% of the profits from its ether ETF fees to the Ethereum open-source protocol development teams.
“We’re excited for ETHW to support the work of those who tend to the Ethereum protocol—the unsung heroes who work tirelessly every day to improve Ethereum’s security, scalability, and usability,” said Bitwise on X.
July 23, 06:21 a.m. ET: This article was updated to correct the figure in the image caption as well as an attribution to Eric Balchunas in the second paragraph.
