Ethereum

United

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United States Ether exchange-traded funds (ETFs) posted a net inflow of $106.6 million on their first day of trading — despite massive outflows from Grayscale’s freshly-converted Ethereum Trust.
BlackRock and Bitwise’s ETFs led the pack, with BlackRock’s iShares ETF (ETHA) posting $266.5 million and Bitwise’s Ethereum ETF (ETHW) with $204 million in net inflows.
Fidelity’s Ethereum Fund (FETH) came in third with $71.3 million.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/daf93845-b87b-49fd-8042-a7111f96c93e.png" alt="Spot Ethereum ETFs post $107M net inflows on first day">
 <figcaption style="text-align: center;">The Ethereum ETFs notched $106.6 million worth of inflows on day one. Source: FarSide
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The inflows to the “newborn” spot Ether funds were enough to overcome bleeding from Grayscale Ethereum Trust (ETHE), which outflowed $484.9 million on the day — equating to 5% of the once $9 billion fund.
ETHE was launched by Grayscale in 2017 and allowed institutional investors to buy ETH. However, it imposed a six-month lock-up period on all investments.
The conversion to a spot ETF means that investors are now able to more easily sell their shares, which could explain the high day-one outflows.
In January, spot Bitcoin ETFs were marred by a similar dynamic with Grayscale’s Bitcoin Trust (GBTC), <a href="https://cointelegraph.com/news/grayscale-gbtc-inflows-record-bitcoin-exchange-traded-fund-etf" rel="noopener noreferrer nofollow">which saw over $17.5 billion</a> in outflows following the <a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals" rel="noopener noreferrer nofollow">launch of the 11 spot BTC funds</a>.
Related: <a href="https://cointelegraph.com/news/crypto-traders-say-ethereum-undervalued-expect-spot-eth-etf-to-fuel-new-highs" rel="noopener noreferrer nofollow">Traders say Ethereum ‘undervalued,’ expect spot ETH ETF to fuel new highs</a>
Meanwhile, Grayscale’s Ethereum Mini Trust — a <a href="https://cointelegraph.com/news/grayscale-announces-bitcoin-etf-spinoff" rel="noopener noreferrer nofollow">spinoff product launched</a> by the asset manager with lower fees — generated $15.2 million in new inflows.
Franklin Templeton’s fund (EZET) netted $13.2 million, while 21Shares’ Core Ethereum ETF (CETH) saw $7.4 million in inflows.
Overall, the spot ETH funds <a href="https://cointelegraph.com/news/spot-ethereum-etfs-surpass-1-billion-trading-volume-on-day-1" rel="noopener noreferrer nofollow">generated $1.08 billion in cumulative</a> trading volume on their first day of trading — 23% of the volume spot Bitcoin ETFs saw on their debut.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/c72b2bc6-6d6d-475c-a02c-f3e44e9dd5ed.jpeg" alt="Spot Ethereum ETFs post $107M net inflows on first day">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/JSeyff/status/1815849216012333400" target="_blank" rel="noopener noreferrer nofollow">James Seyffart</a>
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The price of ETH tumbled slightly on the day.
ETH is changing hands for $3,451 at the time of publication, down 1.4% in the last 24 hours and 1.5% on the week, per TradingView <a href="https://www.tradingview.com/chart/aciYtngx/?symbol=ETH%5C" target="_blank" rel="noopener noreferrer nofollow">data</a>.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/16325f16-a036-4357-abb9-8bd544fe122d.png" alt="Spot Ethereum ETFs post $107M net inflows on first day">
 <figcaption style="text-align: center;">The price of Ether slid during the spot ETF debut. Source: TradingView
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The Ether ETFs received the <a href="https://cointelegraph.com/news/spot-ethereum-etfs-begin-trading-sec-approval" rel="noopener noreferrer nofollow">final tick of approval</a> from the SEC on July 22 and went live for trading in the United States on July 23.
X Hall of Flame: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/" rel="noopener noreferrer nofollow">Ethereum’s recent pullback could be a gift — Dynamo DeFi</a>

Spot Ethereum ETFs post $107M net inflows on first day

Cointelegraph

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