As the U.S. government faces a shutdown crisis, the U.S. Securities and Exchange Commission (SEC) approved nine Ethereum futures ETFs before the shutdown and ushered in its first trading day yesterday. However, the performance of the Ethereum futures ETF, which was widely touted by many media and communities, was not satisfactory after its launch.

Ethereum futures ETF performed poorly on its first day of listing

According to information shared by Bloomberg ETF analyst Eric Balchunas, the total trading volume of the nine Ethereum futures ETFs on the first day of listing was less than US$2 million. Although it is normal for ETFs to have low trading volume on the first day, compared with Below, when the first Bitcoin futures ETF was launched, the trading volume reached 200 million US dollars 15 minutes before the opening. The gap between the two is really not small.

Pretty meh volume for the Ether Futures ETFs as a group, a little under $2m, about normal for a new ETF but vs $BITO (which did $200m in first 15min) it is low. Tight race bt VanEck and ProShares in the single eth lane. pic.twitter.com/F9AHtrVcVf

— Eric Balchunas (@EricBalchunas) October 2, 2023

According to data, the trading volume of the ProShares Bitcoin Strategy ETF (BITO), the first Bitcoin futures ETF, approached US$1 billion on the first day of its launch, setting the second-highest record in the history of the US ETF market.​

Bitcoin, Ethereum spot ETF dynamics

However, the cryptocurrency industry is more concerned about the U.S. Securities and Exchange Commission’s (SEC) resolution on Bitcoin and Ethereum spot ETFs than futures ETFs.

According to information shared by Eric Balchunas, after the SEC postponed the Bitcoin spot ETF resolution last week, they also commented on the filer’s S-1 documents (related to pipelines and laws) and invited relevant parties to attend the meeting for discussion. . This is different from the usual pattern of “delay, delay, no response and then rejection.” Eric Balchunas believes that this seems to be a good sign.

At the same time, Grayscale Investments, which is coordinating with the SEC on the "Bitcoin Trust Fund (GBTC) Transformation Spot ETF", submitted a new application this week, planning to convert its $5 billion Grayscale Ethereum Trust (ETHE) converts to spot ETF.

@Grayscale has filed to convert Grayscale Ethereum Trust to a spot ETF. $ETHEThank you for your continued support — our team is just getting started! https://t.co/3nNtfe4Nns

— Sonnenshein (@Sonnenshein) October 2, 2023

Grayscale’s existing trusts provide indirect exposure to ETH by investing in Ethereum futures contracts, but the spot ETF will invest directly in the underlying asset itself.

This article is louder than thunder! The total trading volume of the nine-level Ethereum futures ETF on the first day of listing was less than 2 million US dollars. First appeared on Zombit.