Nine new Ethereum (ETH) futures exchange-traded funds (ETFs) launched on October 2.
The Launch Of Ethereum Futures ETF Had Low Volumes
Nine new Ethereum (ETH) futures exchange-traded funds (ETFs) launched on October 2. These ETFs, designed to track futures contracts tied to the value of Ethereum's native currency, Ether (ETH), entered the market. Five of the funds exclusively hold Ether futures, while the remaining four track a combination of Bitcoin and ETH futures contracts.
However, their initial trading volumes on opening day fell short of expectations, with all nine ETFs collectively recording less than $2 million in trading volume on their first day. The most popular product was Valkyrie's BTF, which combines Bitcoin and Ether futures and garnered $882,000 worth of volume. In contrast, the ProShares Bitcoin Strategy ETF (BITO) witnessed over $1 billion in trading volume on its debut day in October 2021.
This comes as ETH gained 9.4% over the past 7 days, following the SEC’s approval of the futures ETF last week. Bitcoin (BTC) also started the new month with a gain of 5.8% over the last week.
Meanwhile, ETF firm Volatility Shares canceled its plans to list a similar Ether futures product, citing a lack of current opportunity in the market.
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