ETH spot ETF hits $9.37 billion in trading volume on second day of trading, off to a strong start, but falls short of BTC
Ethereum spot ETFs have recorded $9.37 billion in trading volume on their second day of trading. Of these, Grayscale's ETHE topped the list with $4.86 billion, accounting for about 52% of the total volume. BlackRock's ETHA followed with $255 million and Fidelity's FETH with $110 million. On the 23rd, the first day of trading, the ETH spot ETF's daily trading volume surpassed $1 billion.
"An Ethereum (ETH) spot ETF got off to a strong start with more than $100 million in inflows on its first trading day on U.S. exchanges, but it's unlikely to match the success of Bitcoin's spot ETF, which launched in January," crypto industry experts analyzed on Friday.
Adrian Fritz, Head of Research at 21Shares, issuer of BTC and ETH spot ETFs, said: "Bitcoin's 'store of value' narrative is simple and easy to understand. Ethereum's value proposition, on the other hand, requires more time and education. Still, ETH could appeal to institutional investors." Bryan Armour, Head of Passive Strategic Research at Morningstar, added: "The first trading day metrics for the ETH spot ETF demonstrate institutional and retail investor demand."
