Ethereum Spot ETF Trading Volume Soars Past $1B on First Day

IconCryptoNewsTerminal Staff23 Jul, 2024

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Ethereum Spot ETF Trading Volume Soars Past $1B on First Day

The highly anticipated launch of Ethereum spot ETFs (exchange-traded funds) has been met with overwhelming enthusiasm, as evidenced by the massive trading volume recorded on the first day. According to The Block, the total trading volume across nine Ethereum spot ETFs surpassed an impressive $1 billion. Grayscale's ETHE led the pack, accounting for half of the total trading volume with a staggering $456 million. BlackRock's ETHA followed closely with $240 million (24%) and Fidelity's FETH recorded $136 million (13%). This strong debut indicates the growing institutional interest and investor appetite for Ethereum. The success of these spot ETFs is expected to further legitimize the cryptocurrency and potentially drive adoption among mainstream investors.

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