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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 <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a> 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, #ETH has underperformed #BTC in terms of both price and volume.<br><br>Our latest research breaks down the trend: https://t.co/C85zfASkHn pic.twitter.com/aqiyqeKeEN</p>— Kaiko (@KaikoData) October 10, 2023
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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>
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 <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 <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a>-based Ethereum ETFs having <a rel="noopener noreferrer nofollow" title="lackluster" href="https://thebittimes.com/tag/lackluster.html">lackluster</a> 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 <a rel="noopener noreferrer nofollow" title="suggests" href="https://thebittimes.com/tag/suggests.html">suggests</a> the only thing that matters is&nbsp;spot buying&nbsp;since <a rel="noopener noreferrer nofollow" title="futures" href="https://thebittimes.com/tag/futures.html">futures</a> ETFs don’t facilitate this demand.&nbsp;</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Eight exchanges handle 90% of crypto trading, Kaiko data shows
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/kaiko-suggests-why-futures-ethereum-etfs-release-was-lackluster-tbt66005.html">https://thebittimes.com/kaiko-suggests-why-futures-ethereum-etfs-release-was-lackluster-tbt66005.html</a></p>

Kaiko suggests why futures Ethereum ETFs release was lackluster

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