US Ethereum ETFs Make Strong Debut Despite Grayscale Outflows

The newly launched spot Ethereum exchange-traded funds (ETFs) in the United States have shown promising results after their first day of trading. According to Bloomberg data, the combined performance of these funds has entered positive territory, despite significant outflows from Grayscale’s Ethereum Trust.

While Grayscale experienced outflows exceeding $480 million, eight other competitors attracted substantial inflows. BlackRock and Bitwise Asset Management led the pack, with their funds drawing $266 million and $204 million, respectively. The total inflows, excluding Grayscale, reached $590 million, resulting in a net positive inflow of $107 million across all Ethereum ETFs.

Trading volume for the new ETFs surpassed $1.1 billion on the first day, doubling initial estimates. This launch follows the successful introduction of spot bitcoin ETFs in January, which saw considerable investor interest.

The approval of Ethereum ETFs comes after a prolonged regulatory process, with the Securities and Exchange Commission (SEC) previously rejecting such products due to market manipulation concerns. The decision was influenced by a court ruling favoring Grayscale Investments and similarities to bitcoin market conditions.

Fees for these new ETFs vary, with most clustered around 0.25%, comparable to their bitcoin counterparts. Analysts anticipate continued interest in Ethereum ETFs, albeit potentially lower than bitcoin ETFs.


Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

HIVE Blockchain Nearly Doubles Bitcoin Mining Capacity

HIVE Blockchain Technologies (TSXV: HIVE) appears to be heavily focused on expansion, with the company...

Friday, November 6, 2020, 09:44:42 AM

Hive Blockchain: Investors Have Ignored Ethereum’s Recent Explosive Move Higher

Ethereum, the second largest cryptocurrency, has dramatically outperformed Bitcoin thus far in 2021, particularly since...

Saturday, May 15, 2021, 09:00:00 AM

DigiMax Global Opens Applications For Crypto Trading App

DigiMax Global Solutions (CSE: DIGI) this morning announced that it is now accepting user applications...

Monday, November 23, 2020, 09:23:41 AM

Evolve ETFs To Launch Ethereum Focused ETF

As a follow up to the firms Bitcoin ETF announced two weeks ago, it seems...

Tuesday, March 2, 2021, 09:10:45 AM

China’s Central Bank Takes Aim At Cryptocurrencies Again, Reiterating All Activity Is Illegal

Bitcoin and its close relative Ethereum are cratering this morning following the latest commentary from...

Friday, September 24, 2021, 08:12:06 AM