Ethereum ETFs launch a ‘success’—but Grayscale's $484 million outflows turn heads

(Credit: SOPA Images—Getty)

On Tuesday July 23, nine spot Ethereum exchange-traded funds began trading on the U.S. stock market for the first time, following approval from the Securities and Exchange Commission on Monday afternoon. “It was a pretty big success,” James Seyffart, senior ETF analyst at Bloomberg told Fortune. However, the flows are just a fraction of those seen on the Bitcoin equivalent's first day trading in January, which drew in $655 million on launch day. Overall this year, the Bitcoin ETFs have seen net inflows over $17 billion. 

Here's the side by side of the first day of trading for #Ethereum ETFs vs #Bitcoin ETFs.

The major difference to me is the comparatively massive $ETHE outflow. I think $GBTC didn't have that on day 1 because it was still at a meaningful discount when it launched pic.twitter.com/w0nkJDzjX3

— James Seyffart (@JSeyff) July 24, 2024