Ethereum ETFs experienced impressive trading volumes, reaching close to $1 billion on their second day in the U.S. market. The spot ether ETFs recorded a cumulative trading volume of approximately $951 million on Wednesday, following their debut day’s trading volume of $1.054 billion. Notably, the Grayscale Ethereum Trust (ETHE) led the pack with $492 million in trading volume, accounting for around 52% of the total volume. BlackRock’s iShare Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH) followed with $256 million and $113 million in trading volume, respectively.
According to SosoValue data, the ETFs garnered over $10 billion in assets under management with $106.7 million in net inflows on Tuesday. However, the Grayscale Ethereum Trust was the only fund to experience outflows, losing $484.1 million. James Seyffart of Bloomberg Intelligence commented that the ETF launch met expectations and referred to it as a “smashing success,” comparing it to a standard ETF launch.
In contrast, spot Bitcoin ETFs observed outflows of $77.97 million on Tuesday, breaking a 12-day inflow streak. Rennick Palley from VC firm Stratos noted early signs of investors shifting from Bitcoin ETFs to Ethereum ETFs, indicating a growing interest in diversifying cryptocurrency assets within ETF formats. Teddy Fusaro, President of Bitwise, highlighted the trading activity discrepancy, revealing that Ethereum ETFs traded about $852 million, accounting for approximately 75% of the notional value of Bitcoin ETFs at $1.1 billion.