- Spot ETH ETFs recorded inflows in the first 24 hours of trading according to Sosovalue data.
- The assets’ total value traded surpassed $1 billion.
The Ethereum ecosystem hit a new milestone with the US Spot ETH ETFs starting trading in the last 24 hours. After considerable anticipation, the digital assets began trading on July 23 after the SEC approved the final filings. On the first day of trading, the nine ETFs recorded a total net inflow of $106.78 million.
According to Sosovalue data, eight ETFs recorded net inflows with the digital assets’ total value traded at $1.11 billion as of July 23. Meanwhile, ETH price has not yet priced in the ETF launch and is showing price declines.
Notably, the leading ETH issuer, Grayscale’s Ethereum Mini Trust (ETHE) recorded a one-day net outflow of $484.11 million. The Mini ETF was the only issuer to exhibit outflows amid overall net inflows. Meanwhile, Grayscale’s other ETF, Grayscale Ethereum Trust (ETH) recorded $15.15 million in inflows. The two ETFs hold net assets worth $8.6 billion and $1.03 billion respectively.
On the other hand, BlackRock (ETHA) exhibited the highest inflows recording $266.55 million in one-day net inflows as of July 23. The ETF holds total net assets worth $277.08 million and is on the lead within the ETH ETF sector. Bitwise (ETHW) followed close behind with $204.02 million inflows and net assets worth $206.52 million.
Moreover, Fidelity and Franklin Templeton recorded $71.31 million and $13.21 million inflows respectively. However, VanEck recorded comparatively lesser one-day inflows of $7.64 million. Invesco Galaxy recorded the lowest inflows in the sector, $5.54 million, and a daily volume worth $500K approximately.
Will the Spot ETH ETFs Perform Similar to Bitcoin ETFs?
In H1 2024, leading cryptocurrency Bitcoin’s spot ETFs drew immense interest from the investors. The digital assets showed significant inflows in the beginning and have hit new milestones in the coming months. Moreover, the success of the spot BTC ETFs led to high market anticipations for the ETH ETFs.
The digital assets, parallel to market expectations have surpassed the $1 billion mark in total value traded. This has led market analysts to hold positive outlooks for the ETF’s performance in the coming months.
Moreover, as aforementioned, the Ethereum price has not yet shown significant growth after the ETFs began trading. The pricing in is expected to occur in the coming months. At the time of writing the token was trading at $3,440 according to CMC data.
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