Nine spot Ethereum ETFs began trading on US exchanges Tuesday, marking another milestone in the mainstream adoption of digital assets.
What Happened: This launch comes just six months after the debut of spot Bitcoin ETFs in the United States, which have already accumulated over $54 billion in assets under management.
The new ETH ETFs, offered by major financial players including BlackRock (NYSE:BLK), Fidelity, Grayscale, and others, are now available on the Cboe (BATS:CBOE), NYSE Arca, and Nasdaq exchanges.
Grayscale’s Ethereum Mini Trust stands out with the lowest fee of 0.15% and is set to start with approximately $1 billion in assets.
In the early hours of trading, the newly launched Ethereum (CRYPTO: ETH) ETFs demonstrated significant market interest.
According to data from Yahoo Finance, analyzed by The Block Pro Research, these funds collectively amassed $205 million in trading volume within the first 60 minutes.
The momentum continued, with the total volume reaching $300 million approximately 75 minutes after the market opened, at around 10:45 a.m. EST.
To put these figures into perspective, Bloomberg’s Senior ETF Analyst Eric Balchunas offered his insights on the initial trading performance.
“Here’s volume after first 15 minutes of trading. Total of $112m traded for the group (which is A TON vs a normal ETF launch but only about half of what bitcoin ETFs’ volume pace was on DAY ONE, altho 50% would exceed expectations IMO),” he said.
Full story available on Benzinga.com