The United States welcomed the launch of Ether (ETH) exchange-traded funds (ETFs), attracting net inflows of $106.6 million on their first trading day.
The Securities and Exchange Commission (SEC) granted final approval for these funds on July 22, allowing them to start trading on major US stock exchanges, including the Nasdaq, NYSE Arca, and the Chicago Board Options Exchange, from July 23. The SEC had approved their 19b-4 applications on May 23.
The approved issuers for these ETFs include BlackRock, Fidelity, Bitwise, 21Shares, VanEck, Invesco Galaxy, Franklin Templeton, and Grayscale.
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On the first trading day, BlackRock's iShares Ethereum Trust ETF (ETHA) led the pack with $266.5 million in net inflows, followed by Bitwise's Ethereum ETF (ETHW) with $204 million, and Fidelity's Ethereum Fund (FETH) with $71.3 million.
Grayscale's Ethereum Trust (ETHE) saw outflows of $484.9 million, amounting to 5% of its previous $9 billion value. This outflow can be attributed to the new ease of selling shares after the fund was converted to a spot ETF, contrasting with the previous six-month lock-up period for investments.
Collectively, the spot Ether funds generated a trading volume of $1.08 billion on their first day, accounting for 23% of the debut trading volume of spot Bitcoin ETFs.
Most Ether ETFs charged a base fee between 0.15% and 0.25%, although several firms offered fee waivers for a certain period or until specific asset thresholds were reached.
At the time of reporting, ETH trades at $3,437, a 0.63% increase over the past 24 hours and a 1.72% decrease over the past week.
Overall, the launch of spot Ether ETFs in the US has attracted significant investor interest, indicating a promising start.
