According to ETF analyst James Seyffart, Ethereum exchange-traded funds (ETFs) managed to record $107 million worth of inflows during their debut day.
As expected, BlackRock's iShares Ethereum Trust (ETHA) is in the lead when it comes to the amount of inflows with an impressive $258.6 million. Fidelity Ethereum Fund (FETH) comes in second place with $137.9 million.
Bitwise Ethereum ETF (ETHW) and Grayscale Ethereum Mini Trust (ETH) attracted $94.3 million and $65.6 million worth of inflows, respectively. Vaneck Ethereum ETH (ETHV) is also in the top 5 with $44.8 million.
Alex DovbnyaGrayscale Ethereum Trust (ETHE), however, reported massive outflows of $484 million.
Seyffart described these inflows as "very solid" in a social media post.
For comparison, Bitcoin exchange-traded funds recorded an average of $75.5 million worth of inflows during their first 10 days of trading. However, on the first day, they recorded $600 million worth of inflows.
Ethereum ETFs also recorded more than $1 billion worth of trading volume during their debut day.
As reported by U.Today, Bloomberg ETF analysts predicted that these ETFs would be able to bring in roughly $6 billion worth of inflows during their first year of trading. That would represent roughly a fifth of the inflows that were recorded by Bitcoin ETFs.
For now, Grayscale's outflows remain one of the main concerns. It is worth noting that it took GBTC roughly four months in order to break its outflow streak.
Ethereum (ETH) is trading at $3,448 at press time, according to CoinGecko data. However, the flagship altcoin is still up roughly 12% over the past week.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin