In This Story
The spot Ether exchange-traded funds (ETFs) have begun trading in the market, and on the first day, they attracted over $100 million in inflows and generated more than $1 billion in cumulative trading volume. In comparison, the spot Bitcoin ETFs saw $655 million in net flow and generated $4.5 billion in trading volume on the first day of trading when they were launched this year in January.
According to ETF tracker Farside, the spot Ether ETFs saw $106.6 million in inflows on Tuesday. BlackRock’s iShares Ethereum Trust ETF (NASDAQ: ETHA) saw $266.5 in inflows, the highest among all spot Ether ETFs. It was followed by Bitwise Ethereum ETF (NYSE: ETHW), which saw an inflow of $204 million, and Fidelity’s Ethereum Fund (FETH), which saw an inflow of $71 million.
But there’s one dud spot Ether ETF
However, Grayscale Ethereum Trust (NYSE: ETHE) saw outflows of $484 million, weakening the efforts of all spot Ether ETF inflows. If there had been even zero inflows in ETHE, the total inflows of all spot Ether ETFs would have surpassed at least $500 million on the first day.
The outflows occurred because Grayscale Ethereum Trust has the highest fee of 2.5%. This trend is similar to Grayscale’s Bitcoin Trust ETF (NYSE: GBTC), which is infamous for experiencing outflows for months.
The good news is that Grayscale Ethereum Mini Trust (NYSE: ETH), a spin-off of Grayscale Ethereum Trust, performed well and saw inflows of $15 million on the first day. That’s because Grayscale Ethereum Mini Trust is the cheapest spot Ether ETF with a management fee of 0.15%.
Cryptocurrencies are in the green but not soaring
A day after the spot Ether ETFs debuted, the crypto market is in the green zone but not performing spectacularly. On Wednesday morning, Bitcoin was trading at $66,000, with a 0.68% rise, while Ether, the second-largest cryptocurrency by market cap, was hovering around $3,500 with a 0.20% jump. On the other hand, Ether’s rival Solana saw over 3% growth in its price, while XRP surged over 6%, according to CoinMarketCap.