Ethereum

United

Spot

United States Ether exchange-traded funds (ETFs) posted net inflows of $106.6 million on their first day of trading despite massive outflows from Grayscale’s freshly-converted Ethereum Trust.
BlackRock’s iShares Ethereum Trust ETF (ETHA) led the pack with $266.5 million of inflows, followed closely by the Bitwise Ethereum ETF (ETHW) with $204 million in net inflows. 
The Fidelity Ethereum Fund ETF (FETH) came in third with $71.3 million.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/daf93845-b87b-49fd-8042-a7111f96c93e.png" alt="Spot Ethereum ETFs post $107M net inflows on first day" title="">
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 The Ethereum ETFs notched $106.6 million worth of net inflows on day one. Source: FarSide
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The inflows to the “newborn” spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ETFs were enough to overcome bleeding from the Grayscale Ethereum Trust (ETHE), which saw outflows of $484.9 million on the day, amounting to 5% of the once $9 billion fund. 
ETHE was launched by Grayscale in 2017, allowing institutional investors to buy ETH. However, it imposed a six-month lock-up period on all investments. 
Its conversion to a spot ETF means that investors can more easily sell their shares, which could explain the high day-one outflows. 
In January, spot Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) ETFs were marred by a similar dynamic with the Grayscale Bitcoin Trust, <a href="https://cointelegraph.com/news/grayscale-gbtc-inflows-record-bitcoin-exchange-traded-fund-etf">which saw over $17.5 billion</a> in outflows following the <a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals"></a><a href="https://cointelegraph.com/news/sec-spot-bitcoin-etf-approvals">launch of the 11 spot BTC ETFs</a>.
Related: <a href="https://cointelegraph.com/news/crypto-traders-say-ethereum-undervalued-expect-spot-eth-etf-to-fuel-new-highs">Traders say Ethereum ‘undervalued,’ expect spot ETH ETF to fuel new highs</a>
Meanwhile, Grayscale’s Ethereum Mini Trust — a <a href="https://cointelegraph.com/news/grayscale-announces-bitcoin-etf-spinoff">spinoff product launched</a> by the asset manager 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&nbsp;<a href="https://cointelegraph.com/news/spot-ethereum-etfs-surpass-1-billion-trading-volume-on-day-1">generated $1.08 billion in cumulative</a> trading volume on their first day of trading, 23% of the volume that Bitcoin ETFs saw on their debut. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/c72b2bc6-6d6d-475c-a02c-f3e44e9dd5ed.jpeg" alt="Spot Ethereum ETFs post $107M net inflows on first day" title="">
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 Source: <a href="https://x.com/JSeyff/status/1815849216012333400" target="_blank" rel="noopener nofollow">James Seyffart</a>
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The price of ETH tumbled slightly on the day.
ETH is changing hands for $3,451 at the time of publication, down 1.4% in the last 24 hours and 1.5% in the last seven days, <a href="https://www.tradingview.com/chart/aciYtngx/?symbol=ETH%5C" target="_blank" rel="noopener nofollow">according</a> to TradingView data. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/16325f16-a036-4357-abb9-8bd544fe122d.png" alt="Spot Ethereum ETFs post $107M net inflows on first day" title="">
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 The price of Ether slid during the spot ETF debut. Source: TradingView
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Spot Ether ETFs <a href="https://cointelegraph.com/news/spot-ethereum-etfs-begin-trading-sec-approval">received&nbsp;final approval</a><a href="https://cointelegraph.com/news/spot-ethereum-etfs-begin-trading-sec-approval"></a> from the SEC on July 22 and went live for trading in the United States on July 23.
X Hall of Flame: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift — Dynamo DeFi</a>

Spot Ethereum ETFs post $107M net inflows on first day

Cointelegraph

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