Hassan Maishera
TL;DR
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Spot Ethereum ETFs began trading on Tuesday, July 23rd, and recorded over $1 billion in trading volume on the first day.
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Ether failed to react as it is down by 1% and is trading below $3,500 per coin.
Spot Ethereum ETF Goes Live, Tops $1B in Trading Volume on Day One
On Tuesday, July 23rd, spot Ethereum ETFs began trading on exchanges following the final approval by the SEC earlier this week. Data from Bloomberg revealed that investors traded over $1 billion worth of shares of the freshly launched ether ETF issuers on the first day of their availability.
The trading volume represents the total amount traded but doesn’t indicate whether there was an inflow or outflow. Furthermore, it remains unclear if the trading volume recorded yesterday was short-term investments or long-term.
Grayscale’s Ethereum Trust (ETHE) led the pack in terms of trading volume with nearly $458 million, or nearly half of the overall volume. However, market analysts believe that most of ETHE’s transaction volume was outflows.
BlackRock’s iShares Ethereum Trust (ETHA) saw $243 million in trading volume on the first day. The six other funds saw below $100 million with 21Shares’ Core Ethereum ETF (ETHC) being the worst performer.
The launch of Ether ETFs comes as predicted by Bloomberg’s Eric Balchunas a week ago.
The official launch of spot Ethereum ETFs was not enough to spark a rally for Ether, as the second-largest cryptocurrency by market cap, underperformed on Tuesday. ETH is down by 1% over the last 24 hours and continues to trade below the $3,500 psychological level.
