Spot Ethereum ETFs Attract $107M on First Day Despite Grayscale Outflows

Spot Ethereum ETFs record $107M in net inflows on their first trading day, overcoming significant outflows from Grayscale’s Ethereum Trust.

The newly launched spot Ethereum (ETH) exchange-traded funds (ETFs) achieved impressive net inflows of $106.6 million on their first day of trading. This milestone comes despite substantial outflows from Grayscale's Ethereum Trust, indicating strong investor interest in these new financial products.

Spot Ethereum ETFs see $107M net inflows on debut day, overcoming Grayscale outflows.

Key Points:

• Strong Debut for Spot ETH ETFs: On their first trading day, spot Ethereum ETFs recorded $106.6 million in net inflows, showcasing robust market demand.

• Leading ETFs: BlackRock’s iShares Ethereum ETF (ETHA) led with $266.5 million in inflows, followed by Bitwise’s Ethereum ETF (ETHW) with $204 million, and Fidelity’s Ethereum Fund (FETH) with $71.3 million.

• Grayscale Outflows: Despite the positive inflows into new ETFs, Grayscale's Ethereum Trust (ETHE) experienced outflows of $484.9 million, likely due to the transition to a spot ETF which allows easier share liquidation.

• Cumulative Impact: The overall trading volume for these spot ETH funds was $1.08 billion on the first day, representing 23% of the volume seen by spot Bitcoin ETFs at their debut.

• Market Reaction: The price of Ether (ETH) saw a slight decline, trading at $3,451, down 1.4% over the past 24 hours.

Related: Grayscale Spot Ether ETFs Launch on NYSE, Marking a Milestone for Crypto Investments

The launch of spot Ethereum ETFs marks a significant development in the cryptocurrency market, with $107 million in net inflows despite challenges posed by outflows from Grayscale’s Ethereum Trust. The strong interest from investors underscores the growing appeal of Ethereum as a financial asset, paving the way for future market dynamics and potential growth.

Source: Cointelegraph