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<p>Several futures-based Ethereum exchange-traded funds (ETFs) <a href="https://twitter.com/EricBalchunas/status/1708865693481836849" rel="noopener noreferrer nofollow">have timidly stepped into the limelight</a> in the U.S. The investment firms ProShares, VanEck, Bitwise, Valkyrie, Kelly, and VolShares each debuted their offerings on the Chicago Board Options Exchange (CBOE) this Monday.</p> 
<h2 id="did-anyone-care">Did anyone care?&nbsp;</h2> 
<p>The market's reaction to these debutants was anything but triumphant. Analysts and observers were quick to note the <a href="https://twitter.com/NorthRockLP/status/1708868768934592987" rel="noopener noreferrer nofollow">"shockingly low" volumes</a>, leading to speculation regarding the level of retail interest in cryptocurrencies.&nbsp;</p> 
<p>These ETFs only managed to accumulate a combined trading volume of approximately $1.7 million in the initial hours of trading.&nbsp;</p> 
<p>In contrast, the ProShares Bitcoin Strategy ETF launch in 2021 had amassed a whopping $200 million within the first 15 minutes.&nbsp;</p> 
<p>Observers like Eric Balchunas were <a href="https://twitter.com/EricBalchunas/status/1708865693481836849" rel="noopener noreferrer nofollow">left unimpressed</a>, labeling the performance of these Ether Futures ETFs as "pretty meh" and highlighting the stark difference in their reception compared to the BITO.</p> 
<p>The price of Ethereum has also dipped back below the $1,700 level, according to <a href="https://www.coingecko.com/en/coins/ethereum" rel="noopener noreferrer nofollow">CoinGecko</a> data.&nbsp;</p> 
<h2 id="eyes-on-the-prize">Eyes on the prize&nbsp;</h2> 
<p>Amid the lukewarm reception of futures-based Ethereum ETFs, Grayscale, a titan in the crypto asset management arena, is charting its course to <a href="https://u.today/grayscale-files-to-convert-5-billion-ethereum-trust-into-spot-etf" rel="noopener noreferrer nofollow">seek approval</a> for converting its Grayscale Ethereum Trust (ETHE) into a spot Ethereum ETF.&nbsp;</p> 
<p>If approved, this endeavor stands to bring a product structure familiar to U.S. investors into the mainstream crypto space. This could potentially offer a massive level of engagement missed by the recently launched futures-based ETFs.</p> 
<p>Invesco, Ark Invest, and Galaxy Digital are also among the major players that are vying to launch a spot Ethereum ETF. &nbsp;</p>

Flop Alert: Ethereum ETFs Debut with “Shockingly Low” Volumes

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