Ethereum ETFs Go Live, Hit Nearly $600,000,000 in Volume Halfway Through Trading Day: Report

The highly anticipated spot Ethereum (ETH) exchange-traded funds (ETFs) have officially gone live for trading after months of delays.

On Tuesday morning, ETFs from BlackRock, Fidelity, 21Shares, Invesco, Franklin Templeton, VanEck, Grayscale and BItwise hit the market, so far exceeding expectations according to some experts.

According to Bloomberg’s ETF analyst Eric Balchunas, all of the Ethereum ETFs have done much more in volume than a “normal” ETF launch after the first 90 minutes.

“Here’s where we’re at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what TLT and EEM trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have cleared that number and then some.”

By “half time,” Balchunas said the ETFs reached nearly $600 million in flows, which would put them on track to bring in about 20% the volume that the Bitcoin ETFs attracted on their day one.

According to economist Alex Krüger, there will likely be diminished sell pressure on Ethereum compared to Bitcoin during the launch of the BTC ETFs due to the much smaller discount on Grayscale’s ETH trust (ETHE) prior to Tuesday.

And while the ETFs are launching during a typical summer lull in markets, Krüger says today still isn’t a “sell-the-news” event.

“A lackluster launch makes sense, but it is not a sell the news [event].”

At time of writing, Ethereum is trading at $3,425, down 1% in the last 24 hours.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price ActionFollow us on X, Facebook and TelegramSurf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

The post Ethereum ETFs Go Live, Hit Nearly $600,000,000 in Volume Halfway Through Trading Day: Report appeared first on The Daily Hodl.