- Ether exchange-traded funds surpassed the $1 billion mark in trading volume on the first day of trade
- Ether exchange-traded funds net inflow peaked at $106.7 million on the first day of trade
- ETFs from Bitwise and BlackRock led the inflow
After official approval by the United States Securities and Exchange Commission (SEC), investors raced to have a thirst of Ether exchange-traded funds on its first day of launch on July 23, 2024. The enthusiasm pushed the trading volume to over $1 billion.
Data from FarSide show that at the end of the trading day, the Ether exchange-traded funds net inflow peaked at $106.7 million.
The ETFs from Bitwise and BlackRock led the inflow. Bitwise's Ethereum ETF (ETHW), which brought in $204 million, was just behind BlackRock's iShares ETF (ETHA), which topped the charts with $266.5 million in net inflows. Significant interest was also shown in Fidelity's Ethereum Fund (FETH), which amassed $71.3 million.
Source: FarSide
On the other hand, there were significant withdrawals from Grayscale's Ethereum Trust (ETHE), which lost $484.9 million, or 5% of its previous $9 billion valuation. When ETHE was first introduced in 2017, institutional investors could buy ETH with a six-month lock-up period. The transition to a spot ETF format has made selling shares easier, which has helped explain the large outflows that were seen on launch day.
Additionally, Grayscale saw fresh capital pour into its Ethereum Mini Trust, drawing in $15.2 million. Other funds saw inflows of $13.2 million and $7.4 million, respectively, from Franklin Templeton's (EZET) and 21Shares' Core Ethereum ETF (CETH).
James Seyffart is a Bloomberg analyst. According to him, the day's spot ether ETF volumes were roughly 21% of the $4.66 billion recorded on the inaugural day of spot bitcoin ETF trading back in January. Compared to the futures-based ether ETFs, which saw little activity during their October debut, the spot ether ETF market was more active.
According to CoinDesk, shortly after the market closed, Ether was trading slightly below $3,500, slightly declining over the previous day.
At the time of writing, Ether was trading at $3,459, down 1.81% over the past 24 hours. Its 24-hour trade volume increased by 1.43% to $21.9 billion, while the market cap was down 1.80% to $416 billion.
After exiting Nigeria, OKX delists several popular spot trading pairs
Meanwhile, TheRadar earlier reported that popular crypto exchange OKX has announced the delisting of several popular spot trading pairs. This came just days after the exchange's exit from Africa’s largest crypto market, Nigeria.
The delisting will be gradual in four batches from July 25 to August 2. In a statement on its website, the exchange advised users to cancel orders pertaining to the affected trading pairs before the delisting date. The system will automatically cancel these orders if the users fail to cancel the orders themselves, the exchange warned.
