United States Ether exchange-traded funds (ETFs) saw net inflows of $106.6 million on their first day of trading, despite significant outflows from Grayscale’s newly converted Ethereum Trust. BlackRock’s iShares Ethereum Trust ETF (ETHA) led with $266.5 million in inflows, followed by the Bitwise Ethereum ETF (ETHW) with $204 million. The Fidelity Ethereum Fund ETF (FETH) ranked third with $71.3 million in net inflows.
The inflows to the new spot Ether (ETH) ETFs were substantial enough to counteract the significant outflows from the Grayscale Ethereum Trust (ETHE), which saw $484.9 million withdrawn in one day, representing 5% of the once $9 billion fund.
Launched by Grayscale in 2017, ETHE allowed institutional investors to buy ETH but imposed a six-month lock-up period on investments. Its conversion to a spot ETF means investors can now more easily sell their shares, which likely contributed to the high day-one outflows.
In January, spot Bitcoin (BTC) ETFs experienced a similar situation, with the Grayscale Bitcoin Trust seeing over $17.5 billion in outflows following the launch of 11 spot BTC ETFs.
Meanwhile, Grayscale’s Ethereum Mini Trust—a spinoff product with lower fees—generated $15.2 million in new inflows.
Franklin Templeton’s Franklin Ethereum ETF (EZET) netted $13.2 million, while 21Shares’ Core Ethereum ETF (CETH) saw $7.4 million in inflows.
Overall, spot ETH ETFs accumulated $1.08 billion in trading volume on their first day, 23% of the volume that Bitcoin ETFs saw on their debut.
The price of ETH dipped slightly on the day.
As of publication, ETH is trading at $3,451, down 1.4% over the past 24 hours and 1.5% over the last seven days, according to TradingView data.
Spot Ether ETFs received final SEC approval on July 22 and began trading in the United States on July 23.
