Ethereum ETFs soar with $361 million volume in first 90 minutes Ethereum ETFs soar with $361 million volume in first 90 minutes
The ETFs have far surpassed the typical volume for new ETF launches, which often struggle to exceed $1 million on their first day.
2 min read
Updated: Jul. 23, 2024 at 5:58 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Spot Ethereum exchange-traded funds (ETFs) debuted to robust investor interest within the first 90 minutes of trading, amassing a total volume of $361 million across the nine newly launched ETFs.
Bloomberg senior ETF analyst Eric Balchunas shared the initial data on social media and noted that the impressive start ranks these ETFs among the top 1% in overall ETF volume, comparable to well-established funds such as TLT and EEM.
Leading the pack, Grayscale’s ETHE reported the highest volume at $147.8 million, followed by BlackRock’s ETHA with $71.4 million and Bitwise’s ETHW at $50.4 million. Fidelity’s FETH also saw significant activity — recording $49.3 million in volume.
The other ETFs that contributed to the remarkable 90-minute total include Grayscale’s ETH with $18.4 million, VanEck’s ETHV with $9.3 million, Franklin Templeton’s EZET with $8.5 million; Invesco’s QETH with $4.0 million and 21Shares’ CETH with $2.0 million.
These figures highlight the strong demand for Ethereum-based investment vehicles, far surpassing the typical volume for new ETF launches, which often struggle to exceed $1 million on their first day.
According to Balchunas:
“As a group, that number [$361 million] would rank them about 15th overall in ETF volume. Compared to a normal ETF launch, which rarely sees more than $1 million on Day One, all of them have cleared that number and then some.”
Earlier, Balchunas had reported that within the first 15 minutes of trading, Ethereum ETFs had already amassed $112 million in volume. This initial surge, while impressive, was about half the volume pace of Bitcoin ETFs on their first day.
Balchunas noted that Ethereum ETFs are performing at about 20% to 25% of the volume recorded by Bitcoin ETFs when accounting for Grayscale outflow, which still represents a very solid showing and is in line with his previous projections.
The successful initial trading of these Ethereum ETFs reflects growing investor interest in digital assets and their integration into mainstream financial products. This development is expected to further boost the crypto’s visibility and adoption in traditional markets.
For now, market watchers will be keen to see if this strong start can be maintained throughout the day and what it signals for the future of crypto ETFs.
Mentioned in this article
Ethereum 
BlackRock 
Grayscale Investments 
VanEck 
Fidelity Investments 
Franklin Templeton 
21shares 
Bitwise 
Eric Balchunas Author 
Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Franklin Templeton
Franklin Resources, Inc., commonly known as Franklin Templeton, stands as an American multinational holding company rooted in the world of finance.
21shares
21Shares is a Swiss provider of crypto- currency exchange-traded products (ETPs).
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
Eric Balchunas is an American author, ETF analyst, and Senior ETF Analyst at Bloomberg Intelligence.