Ethereum spot ETFs landed on US stock exchanges on July 22. One week after their arrival, how have they performed on the market? Will they suffer the same fate as Bitcoin spot ETFs?
Spot Ethereum ETFs attract, but are weighed down by sales of Grayscale's ETHE
For this first week, spot Ethereum ETFs have had a mixed start. Without a doubt, Grayscale's ETHE ETF is the one who did the worstwith net sales of more than $1.5 billion.
Regarding other Ethereum spot ETFs, all generated net inflowsbenefiting from more or less significant capital inflows. Thus, BlackRock's ETHA comes first with $442 million in net inflows. Bitwise's ETHW follows with $265.9 million, then Fidelity's FETH with $219.4 million.
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Grayscale's second ETF, the mini Ethereum ETFis at the foot of the podium with $164 million in net inflows. Next come VanEck’s ETHV, Franklin Templeton’s EZET, Invesco’s QETH and 21Shares’ CETH. These ETFs generated $35.4 million, $23.3 million, $14.2 million and $7.5 million in net inflows, respectively.
However, These entries were not sufficient because they were all exceeded by the net outflows from ETHE. Adding up all the flows, the total net outflow for the 9 Ethereum spot is $341.8 million for this first week.
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The inevitable comparison between spot Ethereum ETFs and spot Bitcoin ETFs
In reality, while the Ethereum spot ETF’s debut is mixed, it’s not all that surprising. For your information, when Bitcoin spot ETFs were launched in the United States, It took about ten days for the overall balance of net incoming volumes to stabilize and become positive..
In just 4 days, Bitcoin spot ETFs recorded a total net outflow of $1.26 billion. This was due, among other things, to a higher cumulative trading volume of $11.82 billion. In total, the 9 Ethereum spot ETFs generated a trading volume of $4.05 billion in their first weekwhich is 3 times less than spot Bitcoin ETFs.
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Established since last January across the Atlantic, Bitcoin spot ETFs are now less popular than when they were launched. However, They generated a trading volume of $7.35 billion last weekwhich is 82% more than Ethereum ETFs.
It is still too early to tell whether Ethereum ETH will experience a similar slowdown several months after its launch. Nevertheless, recorded inflows and trading volume remain slightly higher than most analysts’ estimates.
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Source: SoSo Value
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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