Trading ETFs on the cryptocurrency Ether on the stock exchange. Source: gopixa - stock.adobe.com

Key Takeaways:

US-listed spot Ethereum ETFs launched with over $1 billion in trading volume, about 23% of the initial volume of spot Bitcoin ETFs.
Grayscale Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA) led with $458 million and $248.7 million in trades, respectively.
Initial trading volumes were described as healthy, with firms like Fidelity and Bitwise waiving fees initially, while most base fees are set between 0.15% and 0.25%, except ETHE at 2.5%.

United States-listed spot Ethereum ETFs debuted with over $1 billion in trading volume, representing about 23% of the volume seen by spot Bitcoin ETFs on their launch day.

The leading funds were Grayscale Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA), trading $458 million and $248.7 million, respectively.

JUST IN: Spot Ethereum ETF trading volume surpasses $1 billion on the first day.
— Watcher.Guru (@WatcherGuru) July 23, 2024

Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW) followed with $137.2 million and $94.3 million. Bloomberg ETF analysts describe the launch as healthy, projecting significant inflows.

This launch followed the approval of S-1 forms by U.S. regulators.

First day of the ETHness stakes done. The group's volume was just shy of $1.1 billion. My *prediction* on flows for the day is anywhere from $125 million to $325 million but will depend on how many investors these firms had lined up. We'll know some official flows in a few hours https://t.co/p6Wjty8VyY pic.twitter.com/1gYYrU1CW1
— James Seyffart (@JSeyff) July 23, 2024

Firms like Fidelity and Bitwise waived fees initially, with base fees set between 0.15% and 0.25% for most ETFs, except ETHE, which remains at 2.5%. BlackRock and Grayscale offer discounted fees initially.