exchange-traded funds posted nearly $600 million worth of volume in the first half of their first day of availability, according to data from Bloomberg.
Fidelity’s Advantage Ether ETF had roughly $77 million in volume while Bitwise’s Ethereum ETF had seen $66 million.on X. Grayscale's ETHE, in similar fashion to its Bitcoin Trust , entered the race with over $9 billion in assets, thus giving rise to the idea that much of its volume is due to outflows.
If volume continues at this pace, the newly launched ETFs are on track to reach roughly $940 million on the first day of trading, according to Bloomberg Intelligence ETF analyst James Seyffart. This would be a little over 20% of the volume that the spot bitcoin ETFs saw on the first day.
“This brought in many institutional arbitrage funds, which bought the ETFs and shorted the futures against them to pocket the spread,” he wrote Tuesday. “As we pointed out, their buying drove the bullish sentiment in a self-reinforcing process.”