Ether, the primary cryptocurrency on the Ethereum network, along with its newly launched spot exchange-traded funds, experienced a modest decline on their debut trading day.
According to CoinDesk, Ether closed just below $3,500 shortly after the market closed, showing a slight decrease over the past 24 hours. The nine spot ether ETFs each dropped approximately 1%.
Trading data from The Block indicated that these ETFs collectively saw a trading volume exceeding $1 billion. Among them, the Grayscale Ethereum Trust (ETHE), previously holding over $9 billion worth of ether before its transition to an ETF, recorded the highest activity with $456 million in trades.
Of the newly introduced funds, BlackRock’s iShares Ethereum Trust (ETHA) led in trading volume with $240 million, followed by the Fidelity Ethereum Fund (FETH) at $136 million.
Comparatively, the debut trading volumes of the spot ether ETFs, totaling about $1 billion, represented approximately 21% of the $4.66 billion recorded on the first day of trading for spot bitcoin ETFs in January, as noted by Bloomberg analyst James Seyffart.
The spot ether ETF market exhibited more activity than the futures-based ether ETFs, which had limited trading activity upon their introduction in October.
Seyffart highlighted on X social network that the $4.66 billion trading volume for spot bitcoin ETFs correlated with $655 million in inflows. Applying a similar ratio, it suggests potential inflows of around $140 million for the spot ether ETFs.
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