Author: Tom Mitchelhill, CoinTelegraph; Compiled by: Baishui, Golden Finance
The U.S. Ethereum exchange-traded fund (ETF) saw net inflows of $106.6 million on its first day of trading - despite large outflows from Grayscale's just-converted Ethereum Trust.
BlackRock and Bitwise's ETFs led the way, with BlackRock's iShares ETF (ETHA) seeing net inflows of $266.5 million and Bitwise's Ethereum ETF (ETHW) seeing net inflows of $204 million.
Fidelity's Ethereum Fund (FETH) came in third with net inflows of $71.3 million.
The Ethereum ETF attracted $106.6 million in inflows on its first day of listing. Source: FarSide
The inflows of the "newly born" Ethereum spot fund were enough to make up for the losses of the Grayscale Ethereum Trust Fund (ETHE), which saw an outflow of $484.9 million on the same day.
ETHE was launched by Grayscale in 2017 to allow institutional investors to buy ETH. However, it has imposed a six-month lockup on all investments.
The conversion to a spot ETF means investors can now more easily sell their shares, which could explain the high outflows on the first day.
Spot Bitcoin ETFs suffered a similar situation in January, with Grayscale’s Bitcoin Trust (GBTC) seeing outflows of more than $17.5 billion after launching 11 spot BTC funds.
Meanwhile, Grayscale’s Ethereum Mini Trust, a derivative product launched by the asset manager with lower fees, brought in $15.2 million in new inflows.
Franklin Templeton Fund (EZET) saw net inflows of $13.2 million, while 21Shares’ Core Ethereum ETF (CETH) saw $7.4 million in inflows.
Overall, spot ETH funds generated $1.08 billion in cumulative trading volume on the first day of trading, accounting for 23% of the spot Bitcoin ETF's debut trading volume.
Source: James Seyffart
The price of ETH fell slightly on the day.
ETH is trading at $3,451 as of publishing, down 1.4% in the past 24 hours and 1.5% this week, according to TradingView.
Ethereum prices fall during spot ETF debut. Source: TradingView
The Ethereum ETF received final approval from the U.S. Securities and Exchange Commission on July 22 and began trading in the U.S. on July 23.
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