According to Eric Balchunas, an analyst at Bloomberg ETFs, the trading volume of the $625 million Spot Ethereum ETFs, which excludes Grayscale’s ETHE, was “healthy.”
The cumulative trading volume of spot Ether exchange-traded funds listed in the United States on their first day of trading was approximately $1.08 billion, approximately 23% of the volume observed on the inaugural day of spot Bitcoin ETFs.
According to provisional data from Bloomberg ETF analyst Eric Balchunas, the Grayscale Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA) we experienced the highest volume on July 23, with $458 million and $248.7 million, respectively.
The Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) rounded out the top four with $137.2 million and $94.3 million, respectively. The 21Shares-issued spot Ether ETF, which failed to surpass the $10 million threshold, ranked last.
Balchunas stated that the $625 million in volume from the “Newborn Eight” products, excluding Grayscale’s ETHE, was “healthy” and anticipates that a “significant portion” of this sum will be converted to inflows.
James Seyffart, a fellow Bloomberg ETF analyst, anticipates that the inflows will fall within the range of $125 million to $325 million. However, the exact amount will be contingent upon the number of investors that these firms have secured.
On the first day of trading in January, spot Bitcoin exchange-traded funds (ETFs) received $655.2 million in inflows, which included a $95 million outflow from Grayscale’s converted Bitcoin product.
The final S-1 forms, which are required for the products to be listed on the Nasdaq, NYSE Arca, and Chicago Board Options Exchange, were made effective by the US securities regulator the previous day.
Fidelity, 21Shares, Bitwise, Franklin, and VanEck have waived fees on their ETFs for a specified period or until the products attain a specific amount in net assets.
Subsequently, all spot Ether ETFs, except ETHE, will charge a base fee between 0.15% and 0.25%. ETHE’s fee remains at 2.5%.
BlackRock is providing a discounted fee of 0.12% for the initial 12 months or until the fund reaches $2.5 billion in net assets, whichever occurs first. After that, it will rise to 0.25%.
The Grayscale Ethereum Mini Trust will commence with a 0.12% fee and increase to 0.25% after 12 months of attaining $2 billion in net assets. Conversely, the Invesco Galaxy-issued spot Ether ETF is set at 0.25%.
Ether’s trades at $3,470, ranging from $3,400 to $3,500 on the first trading day.