Ethereum ETFs Make a Stunning Wall Street Debut with Over $1 Billion in First-Day Trading

24. Jul 2024 Posted by Laurent C. on News

Seven months after Bitcoin's grand entrance on Wall Street, Ethereum took its turn in the limelight.

Tuesday marked the debut of spot Ethereum exchange-traded funds (ETFs), with nine distinct ETFs from eight issuers hitting the market, transforming the usually sedate ETF trading scene into a bustling spectacle.

On their inaugural day on U.S. exchanges, these ether ETFs collectively amassed a trading volume exceeding $1.019 billion.

Leading the charge was the Grayscale Ethereum Trust (ETHE), which alone accounted for $456 million, nearly half of the total volume. Following were BlackRock's iShare Ethereum Trust (ETHA) with $240 million (24%) and Fidelity Ethereum Fund (FETH) with $136 million (13%).

In comparison, the 11 spot bitcoin ETFs boast a combined market cap of almost $60 billion and a cumulative trading volume of $330 billion.