The newly launched spot Ether exchange-traded funds (ETFs) in the United States have shown a promising start, recording positive net flows on their first trading day despite significant outflows from Grayscale’s Ethereum Trust.
According to data from SoSoValue released on Wednesday, Jul 24, 2024, the US ETH ETFs saw net inflows of $106.6 million into their portfolios.
BlackRock’s iShares Ethereum Trust ETF (ETFA) led the pack with the largest inflow of $266.5 million, followed by Bitwise Ethereum ETF (ETHW) with $206 million. Fidelity Ethereum Fund ETF (FETH) secured the third position with inflows of $71.3 million.
Other funds also saw positive flows, including Franklin Templeton’s $EZET ($13.2 million), VanEck Ethereum ETF ($ETHV) ($7.6 million), 21 Shares’ $CETH ($7.47 million), and Invesco’s $QETH ($5.5 million).
These inflows were sufficient to offset the $484.11 million outflow from the Grayscale Ethereum Trust ($ETHE). The spot Ether funds recorded a total traded value of $1.11 billion on their first day, with total net assets under management reaching $10.24 billion, a 2.45% increase from pre-launch values.
This development follows the SEC’s approval of 11 spot Bitcoin ETFs earlier this year, which have seen significant growth and spurred the launch of other crypto asset funds, including Ethereum and Solana-based funds
RELATED: VanEck, 21Shares File First Ever Spot Solana ETFs With The CBOE Ahead Of Spot Ethereum ETFs Trading
The approval of spot Ethereum ETFs was announced on Monday, July 22, by Bloomberg senior analyst James Seyffart, following weeks of anticipation after the SEC approved multiple 19b-4 filings on May 23. Bitwise’s chief compliance officer, Katherine Downling, had hinted at the launch in earlier in the month.
The positive start for these Ethereum ETFs suggests growing investor interest in regulated crypto investment products and could potentially pave the way for further expansion in the crypto ETF market.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
