Markets
BlackRock Ethereum ETF attracts most flows on first day of trading
Key points to remember
- BlackRock’s iShares Ethereum Trust (ETHA) led with over $266 million in inflows.
- The debut of Ethereum spot ETFs eclipsed that of Bitcoin ETFs, with outflows of $78 million.
Share this article
U.S. Ethereum spot exchange-traded funds (ETFs) made a strong debut Tuesday, attracting nearly $107 million in total inflows, according to data from Farside Investors. BlackRock’s iShares Ethereum Trust (ETHA) led the pack with more than $266 million in its first day of trading.
The Bitwise Ethereum ETF (ETHW) and the Fidelity Ethereum Fund (FETH) were also the top performers of the day, capturing $204 million and over $71 million in net inflows, respectively.
Other gains were seen in the Franklin Ethereum ETF (EZET), VanEck Ethereum ETF (ETHV), 21Shares Core Ethereum ETF (CETH), Invesco Galaxy Ethereum ETF (QETH) and Grayscale Ethereum Mini Trust (ETH).
In contrast, Grayscale’s Ethereum Trust (ETHE) $484 million was bled on the first day. Outflows represent 5% of the fund’s total value. As of July 2024, ETHE managed over $9 billion in assets.
The conversion of the Grayscale Ethereum Trust to a spot ETF made it easy for investors to sell their shares, potentially leading to a massive outflow. The situation likely mirrors the launch of Bitcoin spot ETFs in January, where Grayscale’s Bitcoin Trust (GBTC) also faced significant outflows.
On the first day of trading, More than $1 billion worth of stock changed hands across all Ethereum spot products, as reported by Crypto Briefing. Grayscale’s ETHE led the trading volume, followed by BlackRock’s ETHA and Fidelity’s FETH.
THE Ethereum Spot ETF Launch eclipsed the performance of Bitcoin ETFs as flows turned negative. data reveals that U.S. Bitcoin spot funds suffered $78 million in outflows on Tuesday, ending a 12-day streak of inflows that began on July 5.
BlackRock’s iShares Bitcoin Trust (IBIT) was the only gainer of the day. IBIT saw nearly $72 million in inflows.
Meanwhile, investors pulled a combined $80 million from Grayscale’s Bitcoin Trust (GBTC) and ARK Invest’s Bitcoin ETF (ARKB) yesterday. Bitwise’s BITB saw the largest asset exodus of the day, surpassing $70 million.
Share this article