Ethereum
Ethereum ETFs Debut With ‘Very Strong’ Inflows
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According to ETF analyst James Seyffart, Ethereum exchange-traded funds (ETFs) managed to record $107 million in revenue on their first day.
As expected, BlackRock’s iShares Ethereum Trust (ETHA) leads the way in terms of inflows with an impressive $258.6 million. The Fidelity Ethereum Fund (FETH) comes in second with $137.9 million.
Bitwise Ethereum ETF (ETHW) and Grayscale Ethereum Mini Trust (ETH) attracted $94.3 million and $65.6 million in inflows, respectively. Vaneck Ethereum ETH (ETHV) is also in the top 5 with $44.8 million.
Grayscale Ethereum Trust (ETHE), however, reported massive outflows of $484 million.
Seyffart described the streams as “very strong” in a social media post.
For comparison, Bitcoin exchange-traded funds saw an average of $75.5 million in inflows in their first 10 days of trading. However, on the first day, they saw inflows worth $600 million.
Ethereum ETFs also saw over $1 billion in trading volume in their first day.
As reported by U.Today, Bloomberg ETF analysts have predicted that these ETFs could generate inflows of about $6 billion in their first year of trading. That would be about a fifth inflows recorded by Bitcoin ETFs.
For now, Grayscale’s outflows remain one of the main concerns. It is worth noting that it took GBTC about four months to end its outflow streak.
According to data from CoinGecko, Ethereum (ETH) is trading at $3,448 at press time. However, the flagship altcoin is still up about 12% over the past week.
About the Author
Alex Dovbnia
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes, and other fintech outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. You can contact him at alex.dovbnya@u.today.