Ethereum ETFs Surge to $300 Million in Trading Volume Within First Hour

CoinGrab Asia William
July 23, 2024
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Ethereum spot ETFs marked their debut on the U.S. stock market with an impressive start, achieving significant trading volumes shortly after launching. These funds collectively amassed $205 million in trading volume in less than an hour, and within 75 minutes of market opening, the volume surged to $300 million, according to data from Eric Balchunas.

Eric Balchunas, a Senior ETF Analyst at Bloomberg, provided insights on these early trading figures. He noted, “In the first 15 minutes of trading alone, these ETFs recorded a total of $112 million in trades, which is considerable compared to typical ETF launches, though it was about half of what Bitcoin ETFs managed on their first day. However, achieving 50% of Bitcoin ETFs’ initial volume pace is beyond expectations.”

Balchunas also highlighted that this comparison does not take into account GBTC. When including GBTC, Ethereum ETFs accounted for approximately 20% to 25% of the volume achieved by Bitcoin ETFs, describing it as a “very solid showing.”

The introduction of spot Bitcoin ETFs earlier in the year set a high benchmark, being labeled by many as the most successful ETF launch to date, with $300 billion in cumulative trading volume over six months and a peak of $61.5 billion in assets under management (AUM).

Nate Geraci, president of The ETF Store, commented on the Ethereum ETFs’ prospects: “While I don’t anticipate the same level of excitement that surrounded the Bitcoin ETFs, achieving 20-25% of the Bitcoin ETFs’ assets would still represent a highly successful outcome for Ethereum ETFs, and it’s certainly within reach.”

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Author CoinGrab Asia William

William, originally carving out a career in Singapore's structured finance sector, made a pivotal shift to follow his passion for the dynamic and often turbulent world of cryptocurrency and financial markets. Now a distinguished cryptocurrency journalist and market analyst, William has authored over 800 insightful articles, making a significant mark in the crypto journalism field.Driven by a keen interest in the underlying mechanisms of the crypto world, William specializes in on-chain analysis, which involves examining transactions recorded on blockchains to gauge market trends and sentiments. His expertise also extends to dissecting events that trigger substantial market movements, providing his readers and followers with a deeper understanding of what drives fluctuations in cryptocurrency values.William’s contributions to the crypto community go beyond mere reporting. He regularly publishes opinion pieces that offer thoughtful perspectives on the latest developments and trends shaping the cryptocurrency landscape. His work not only informs but also enriches the dialogue within the crypto space, offering both novices and seasoned investors valuable insights into the complexities of market dynamics.

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