The new crop of spot Ethereum exchange-traded funds (ETFs) that listed in America on July 23 saw net inflows of $107 million U.S. during their market debut.
In all, more than $1 billion U.S. worth of shares changed hands among nine spot Ethereum ETFs that started trading on U.S. exchanges.
The Ethereum ETFs make their market debut six months after spot Bitcoin (BTC) ETFs. The Bitcoin funds have seen net inflows of about $20 billion U.S. since they launched in January.
Ethereum is the second largest cryptocurrency by market capitalization after Bitcoin. So far in 2024, the price of Ethereum has risen 47% to trade at $3,450 U.S. per digital token.
Eight Ethereum ETFs have listed for trading, while the already existing Grayscale Ethereum Trust that has assets of $8.6 billion U.S. converted from a closed-end fund into an ETF.
Among the asset managers offering a spot Ethereum ETF are BlackRock (BLK), Bitwise, Fidelity, Invesco (IVZ) and VanEck.
The U.S. Securities and Exchange Commission (SEC) has grudgingly approved spot crypto ETFs, though the Wall Street regulator continues to warn about the dangers of investing in digital coins and tokens.
