Nine Ethereum futures ETFs are launched! First-day trading volume was dismal, totaling less than $2 million

After the first Ethereum futures ETF was approved for listing by the SEC last weekend, the SEC has successively released multiple Ethereum futures ETFs. A total of 9 Ethereum futures ETFs are open for trading this week. However, according to statistics from Bloomberg, the Ethereum futures ETF seems to be less popular among investors than the Bitcoin futures ETF, with trading volume on the first day of its launch being less than US$2 million.
(Related reports: SEC approves the first “hybrid” Ethereum futures ETF! Valkyrie takes the lead and starts trading on 10/3)
9 Ethereum futures ETFs launched! Trading volume is dismal
According to previous reports, Bloomberg ETF analyst James Seyffart counted a total of nine Ethereum futures ETFs online on Monday U.S. time. Among them, 5 are pure Ethereum futures ETFs, and 4 are Bitcoin and Ethereum hybrid ETFs, each from 6 different institutions.
Regarding such a grand occasion, another ETF analyst Eric Balchunas also shared the trading status of these ETFs on today’s Bloomberg show.
The current total trading volume of the nine Ethereum-related ETFs is approximately US$1.9 million. The largest trading volume is the "Bitcoin and Ethereum Strategy ETF" launched by Valkyrie, with a trading volume of approximately US$880,000. However, this ETF currently does not include Ethereum futures positions, so the largest trading volume is actually the "Ethereum Strategy ETF" launched by Proshares, with a trading volume of approximately US$370,000.
In this regard, Eric said that there is no clear winner in this ETF competition, but the trading volume is lower than his estimate.
Eric previously expected the AUM of the 9 Ethereum futures ETF to reach $200 million by the weekend, but it does not appear that market demand has reached this scale. Eric made his assessment based on the market value of Bitcoin futures ETF of 1 billion, and believed that Ethereum should reach 20% of Bitcoin.
In addition, if you look back at the situation when the first Bitcoin futures ETF "BITO" was launched, it will appear that the trading demand for the Ethereum ETF was even more deserted. After all, 15 minutes after BITO went online, the trading volume reached 200 million U.S. dollars, and the 1-hour trading volume It is as high as US$440 million.
Regarding the low trading volume, Eric believes that the difference may come from the fact that the market was still in a bull market when the Bitcoin futures ETF was launched, and Bitcoin is more popular among general investors and consultants than Ethereum.
Unprecedented day today with multiple ETFs all launching at same time. No clear winner has emerged, all of them were pretty average, lower than I would have predicted, but its a long run and remember, these hold futures (ETF investors much prefer physical to derivatives) https://t.co/fKGOv8T7pP
— Eric Balchunas (@EricBalchunas) October 2, 2023
Bitcoin Spot ETF Application Shows “Welcome” Signal
In addition to Ethereum, Eric also shared the application status of the Bitcoin spot ETF yesterday (2). Although the review of the Bitcoin spot ETF has been repeatedly delayed by the SEC, Eric believes that the situation seems to be improving.
After the application for the Bitcoin spot ETF was delayed last week, the SEC sent comments to the issuer to address the S-1 application documents (related to infrastructure and law). Eric said that this is different from the general delay situation. Past extensions It will always be accompanied by subsequent cold treatment by the SEC and finally rejection.
Regarding this difference, Eric believes it is a welcome signal from the SEC, although the time for approval has not yet been determined.
Yes, while the SEC delayed spot bitcoin filings last wk they also sent the issuers comments to address re their S-1 filings (related to plumbing, legal). This is a break from typical pattern of delay, delay, radio silence then denial. A welcome sign IMO altho timeline unclear https://t.co/S6MJ2HCIw8
— Eric Balchunas (@EricBalchunas) October 2, 2023
This article nine Ethereum futures ETFs are online! The trading volume on the first day was dismal, totaling less than 2 million US dollars. First appeared on Chain News ABMedia.