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<p class="is-style-lead">In the past week, six futures-based Ethereum ETFs commenced trading on U.S. markets, securing regulatory approval from the SEC earlier than anticipated.</p>
<p>However, these ETFs failed to generate significant trading volumes or provide a notable boost to the cryptocurrency markets.</p>
<h2 class="wp-block-heading" id="an-underwhelming-response">An underwhelming response</h2>
<p>Kaiko reports that of the six ETFs, the two with the highest trade volume, VanEck’s EFUT and ProShares EETH, experienced an average daily trading volume of only $500,000 during their first week of trading. To put this in context, the first Bitcoin futures ETF, ProShares Bitcoin Strategy (BITO), managed to amass over $1 billion in trade volume on its initial trading day.</p>
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   <p lang="en" dir="ltr">Since the Merge, <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#ETH</a> has underperformed <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#BTC</a> in terms of both price and volume.<br><br>Our latest research breaks down the trend: <a href="https://t.co/C85zfASkHn" target="_blank" rel="noopener noreferrer nofollow">https://t.co/C85zfASkHn</a> <a href="https://t.co/aqiyqeKeEN" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/aqiyqeKeEN</a></p>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1711681155970343213?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 10, 2023</a>
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<p>However, the report attributes ETH’s underperformance to the impact of the current bear market, which historically has seen traders turn to BTC, being the oldest crypto asset.</p>
<p>You might also like: <a href="https://crypto.news/kaiko-announces-relationship-with-delta-exchange/" rel="noopener noreferrer nofollow"> Kaiko announces relationship with Delta Exchange </a></p>
<p>As a result, ETH spot trade volume has also stayed flat over the past two months, only spiking above $2 billion on a few occasions</p>
<h2 class="wp-block-heading" id="a-sign-for-something-bigger">A sign for something bigger</h2>
<p>Despite the futures-based Ethereum ETFs having lackluster results on the market, Tom Dunleavy, the Chief Investment Officer of MV Capital, shares that true transformation might still be on its way.</p>
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<p>In an Oct. 2 tweet, Dunleavy suggests the only thing that matters is&nbsp;<a href="https://twitter.com/dunleavy89/status/1708905540430991581?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1708905540430991581%7Ctwgr%5E9c89ee20e23838ed0f042f2ede2319debdf54191%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcrypto.news%2Fsecs-ethereum-etf-approval-confirms-its-non-security-status-former-cftc-chief%2F" target="_blank" rel="noopener noreferrer nofollow">spot buying</a>&nbsp;since futures ETFs don’t facilitate this demand.&nbsp;</p>
<p>Read more: <a href="http://https://crypto.news/eight-exchanges-handle-90-of-crypto-trading-kaiko-data-shows/" rel="noopener noreferrer nofollow"> Eight exchanges handle 90% of crypto trading, Kaiko data shows </a></p>

Kaiko suggests why futures Ethereum ETFs release was lackluster

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