In a surprising turn, newly launched Ether exchange-traded funds (ETFs) in the United States amassed net inflows of $106.6 million on their first day of trading. This influx came despite significant withdrawals from Grayscale’s recently converted Ethereum Trust, which experienced a massive $484.9 million outflow.

Leading the charge was BlackRock’s iShares Ethereum Trust ETF (ETHA), attracting $266.5 million in investments. Close behind, the Bitwise Ethereum ETF (ETHW) reported $204 million in net inflows. The Fidelity Ethereum Fund ETF (FETH) also saw strong interest, with $71.3 million in inflows.

The launch of these spot Ether ETFs has made it easier for investors to trade, contrasting with the Grayscale Ethereum Trust's six-month lock-up period, which previously restricted immediate sales. This new accessibility likely contributed to the large withdrawals from Grayscale's fund.

Interestingly, Grayscale’s Ethereum Mini Trust, a newer product with lower fees, bucked the trend with $15.2 million in new inflows. Other ETFs, like Franklin Templeton’s Franklin Ethereum ETF (EZET) and 21Shares’ Core Ethereum ETF (CETH), garnered $13.2 million and $7.4 million, respectively.

Overall, the debut of spot ETH ETFs generated a total trading volume of $1.08 billion, equating to 23% of the volume seen during the launch of Bitcoin ETFs. Despite the buzz, the price of ETH dipped slightly, trading at $3,451, a 1.4% decrease over the last 24 hours.

These ETFs were officially approved by the SEC on July 22, marking their first trading day in the U.S. on July 23. The launch signals a growing interest and confidence in cryptocurrency-based financial products.

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