Ethereum vs. Bitcoin Spot ETF, Bloomberg Analyst: Very Stable First Day of Trading!

Bloomberg ETF analyst James Seyffart compared the performance of Ethereum spot ETF and Bitcoin spot ETF on their first day, noting that "the trading volume for the Ethereum ETF is around 24% and the traffic is 16.5% compared to the Bitcoin ETF on the first day. It's a very robust day!"

Ethereum Spot ETF Debut Performance on the First Day

The Ethereum Spot ETF officially launched on 7/23, with a total trading volume of $1.112 billion on the first day, and a net inflow of $107.8 million overall.

Excluding Grayscale's EHTE, the total trading volume reached $642.9 million, with a net inflow of $591.9 million.

ETH v.s. BTC ETF

Bloomberg ETF analyst James Seyffart also compared the performance of the Ethereum Spot ETF and the Bitcoin Spot ETF on the first day. The following data represents the relative performance of ETH to BTC.

Trading Volume: 23.9%

Trading Volume Excluding Grayscale but Including Grayscale Minis: 27.6%

Net Inflow: 16.5%

Net Inflow Excluding Grayscale but Including Grayscale Minis: 78.9%

James Seyffart commented:

Compared to the first day of the Bitcoin ETF, the Ethereum ETF had a trading volume of around 24% and a flow of 16.5%. I think it was a very solid day!

Difference Lies in Grayscale Outflows

Seyffart also pointed out that the main difference between the two is the relatively large outflow of ETHE due to GBTC still being at a meaningful discount at launch.

According to YCharts data, GBTC had a gradual recovery from -6.53% before the launch to -0.11% by 1/22.

However, ETHE had already risen significantly to near 0 by 5/24, after the approval of the Ethereum Spot ETF's 19-4b form.

ETH Demand Exceeded Expectations on the First Day

Bitwise Senior Analyst Juan Leon also stated:

It's a marathon, not a sprint, but ETH demand exceeded expectations on the first day. Ready for the road ahead.

OKX Global Chief Commercial Officer Lennix Lai stated that the approval and launch of ETH ETF indicate that the SEC does not classify ETH as a security.

The launch of the ETH ETF means more funds flowing into the ETH ecosystem, especially from institutional investors.

CoinMarketCap Head of Research Alice Liu also mentioned:

Based on the trading of the ETH ETF in the European markets, we expect institutional demand to increase in the next 3-5 months. The strong demand for the ETH ETF on the first day far exceeded market expectations, indicating a hopeful long-term outlook.