Ethereum ETFs See Massive $107M Inflows on Debut Day

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Ethereum ETFs See Massive $107M Inflows on Debut Day

YEREVAN (CoinChapter.com) — The launch of spot Ethereum exchange-traded funds (ETFs) in the United States had a strong start. On their first day of trading, these funds posted net inflows of $106.6 million, despite significant outflows from Grayscale’s Ethereum Trust.

BlackRock and Bitwise led the market. BlackRock’s iShares ETF (ETHA) recorded $266.5 million in net inflows. Bitwise’s Ethereum ETF (ETHW) followed closely with $204 million. Fidelity’s Ethereum Fund (FETH) also made an impact, securing $71.3 million in net inflows.

Grayscale’s ETHE Faces $484.9M Outflows Amid Strong $1.08B Trading Volume for Spot ETH Funds

Grayscale’s Ethereum Trust (ETHE) saw heavy outflows on the same day. ETHE experienced an outflow of $484.9 million, which is 5% of its previous $9 billion value. Grayscale’s Ethereum Trust allowed institutional investors to buy ETH but imposed a six-month lock-up period. The conversion to a spot ETF now lets investors sell their shares more easily, likely causing the high outflows.

The spot ETH funds generated a total trading volume of $1.08 billion on their first day. This volume was 23% of what spot Bitcoin ETFs achieved on their debut. Other notable inflows included Grayscale’s Ethereum Mini Trust with $15.2 million, Franklin Templeton’s fund (EZET) with $13.2 million, and 21Shares’ Core Ethereum ETF (CETH) with $7.4 million.

Ether Price Dips to $3,451 as New ETFs Gain SEC Approval

The price of Ether declined slightly on the ETF debut day. ETH was trading at $3,451, down 1.4% over the last 24 hours and 1.5% for the week, according to TradingView data.

The SEC approved these Ether ETFs on July 22, and trading began on July 23. This regulatory approval led to significant trading activity and investor interest.

At the time of writing, the price of Ethereum (ETH) is $3,440.20, showing a slight increase of 0.04% over the last 24 hours. The market cap stands at $413,609,089,277, and the 24-hour trading volume is $23,711,745,764, representing a 21.13% increase. The circulating supply of Ethereum is 120,228,315 ETH.