Ether ETFs post $107m net inflows, $1.7bn volume on first day

AFRICAN STOCKS AND FINANCEJuly 24, 2024 at 12:55 PM UTC

TLDR

Ethereum ETFs receive significant net inflows and high trading volume on their first day of trading, with BlackRock's iShares Ethereum Trust ETF leading.
Bitwise Ethereum ETF and Fidelity Ethereum Fund ETF also attract substantial inflows, surpassing outflows from Grayscale's Ethereum Trust.
The new spot Ether ETFs show strong investor interest, with Grayscale Ethereum Trust experiencing notable outflows on the same day.

Ethereum exchange-traded funds (ETFs) saw net inflows of $106.6 million and a trading volume of $1.3 billion on their first day of trading, despite significant outflows from Grayscale’s newly-converted Ethereum Trust.

BlackRock’s iShares Ethereum Trust ETF (ETHA) led with $266.5 million in inflows, followed closely by the Bitwise Ethereum ETF (ETHW) with $204 million in net inflows. The Fidelity Ethereum Fund ETF (FETH) ranked third with $71.3 million.

These substantial inflows into the new spot Ether ETFs surpassed the outflows from the Grayscale Ethereum Trust (ETHE), which saw $484.9 million in outflows on the same day, amounting to 5% of the previously $9 billion fund.

Key Takeaways

Ethereum is around one-third the size of Bitcoin and the debut of its spot ETFs was slightly less than proportional by size. However, Ether outperformed Bitcoin in terms of the absolute value of its net flows on the day of its ETF debut. Ether posted a positive net flow, compared to Bitcoin's significantly negative -$1.5 billion. More so, the first-day trading volume of BlackRock’s spot Ether ETF was about one-quarter of the first-day trading volume of BlackRock’s spot Bitcoin ETF. Combined, the trading volume for all nine spot Ether ETFs was slightly under one-quarter of the volume of all spot Bitcoin ETFs on their debut day.

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