Ethereum ETFs Record $1 Billion in First Day Volume and $107 Million Inflows

A massive outflow of $484 million from Grayscale’s ETHE brought the total inflow number across spot ether ETFs to $107 million on the first day of trade.

Spot ether exchange-traded funds (ETFs) concluded their first day of trading in the U.S. with over $1 billion in trading volume.

Nearly half of that trading volume was in the newly converted Grayscale Ethereum Trust (ETHE), according to data shared by Bloomberg ETF analyst James Seyyfart. Speculation that most of that volume corresponded to outflows from ETHE was proved correct, when a second batch of data came through.

Bloomberg’s James Seyffart noted that ETHE’s “big outflow number” of $484 million, while the Grayscale Ethereum Mini Trust (which trades under the ticker ‘ETH’) saw $15 million in inflows.

All the other spot ether ETFs had a positive day – BlackRock’s Ishares Ethereum Trust ETF (ETHA) led the way with $266.5 million worth of inflows. Bitwise saw the second highest inflows, with $204 million flowing into the Bitwise Ethereum ETF on the day.

Fidelity and Franklin Templeton, who count themselves among the asset manager big leagues, saw relatively more moderate inflows. The Fidelity Ethereum Trust (FETH) recorded $71.3 million worth of inflows, and Franklin Ethereum ETF (EZET) saw $13.2 million worth of inflows.

The VanEck Ethereum Trust (ETHV), Invesco Galaxy Ethereum ETF (QETH) and 21 Shares Core Ethereum ETF (CETH) recorded $7.6 million, $5.5 million and $7.5 million worth of inflows respectively.

It is likely that the leaderboard of inflows into spot ether ETFs will be a similar picture in the days to come, given the fact that Grayscale’s ETHE is charging a fee that is 10 times higher than the competition.

On the other end of the spectrum, Bitwise is donating 10% of the profits from its ether ETF fees to Ethereum open-source protocol.

“We’re excited for ETHW to support the work of those who tend to the Ethereum protocol—the unsung heroes who work tirelessly every day to improve Ethereum’s security, scalability, and usability,” said Bitwise.