Ethereum exchange-traded funds (ETFs) had a roaring start after hitting markets today, with over $1 billion flooding into the long-awaited products.
But the price of the second-biggest digital asset by market cap has barely budged despite the volume. CoinGecko shows that ETH is now trading for $3,479 per coin—a 24-hour movement of absolutely nothing.
Over the past seven days, the asset hasn’t moved at all either.
ETH ETFs started trading on American stock exchanges after the Securities and Exchange Commission gave the funds the green light in May. While they saw substantial trading volume, details on the inflows and outflows from each are not yet available.
“My prediction on flows for the day is anywhere from $125 million to $325 million but will depend on how many these investors these firms had lined up,” wrote Bloomberg ETF analyst James seyffart on X (aka Twitter).
Of the nine funds, Grayscale’s Ethereum Trust (ETHE) handled the most volume, with $461 million in shares trading hands, Yahoo Finance data shows.
Next up was BlackRock’s iShares Ether Trust (ETHA), with $244.7 million, followed by Fidelity’s Fidelity Ethereum Fund (FETH), which has so far handled $138.5 million in volume.
Bitwise’s Ethereum Fund (ETHW) did just under $100 million in trading volume, and VanEck saw around $45 million.
Grayscale’s mini ETH ETF (ETH) handled $63.8 million. Products from Franklin Templeton, Invesco, and 21 Shares handled the smallest amounts of trading volumes with $15.9 million, $12 million, and $8.6 million, respectively.
It was expected that the funds would do a fraction of what the Bitcoin ETFs did during their January launch—and they did: the hugely popular crypto funds amassed $4.5 billion in trading volume on their first day in one of the most successful ETF launches ever.