The launch of nine new Ethereum futures exchange-traded funds (ETFs) on October 2, 2023 was met with a lukewarm reception, with less than $2 million in trading volume across all products on the first day. These ETFs are designed to track futures contracts linked to the value of Ethereum's native currency, ether (ETH). Of these funds, only five trade exclusively in Ether futures, while the other four trade in a combination of Bitcoin and ETH futures contracts.
The most popular of the futures ETFs was Valkyrie's BTF, which tracks a combination of Bitcoin and Ether, amassing a total volume of $882,000. It is worth noting that BTF had already been trading as a Bitcoin-only futures ETF since October 2021, but adjusted its strategy to include ETH.
This first-day trading volume paled in comparison to that of the ProShares Bitcoin Strategy ETF (BITO), which debuted in October 2021 during a roaring market for cryptoassets. BITO witnessed more than $1 billion in trading volume on its first day. However, compared to the launch of a normal traditional financial ETF, the volume witnessed was actually "quite a bit," although investors tend to prefer spot ETF products to futures.