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Nine Ethereum Futures ETFs Launched! Poor trading volume on the first day, totaling less than $2 million.

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Nine Ethereum Futures ETFs Launched! Poor trading volume on the first day, totaling less than $2 million.

The first Ethereum futures ETF was approved by the SEC last weekend, and the SEC has since approved multiple Ethereum futures ETFs. A total of 9 Ethereum futures ETFs are available for trading this week. However, according to Bloomberg's data, Ethereum futures ETFs seem to be less favored by investors compared to Bitcoin futures ETFs, with trading volume on the first day of less than $2 million.

9 Ethereum Futures ETFs Launched! Trading Volumes Disappointing

According to previous reports, Bloomberg ETF analyst James Seyffart has calculated that a total of nine Ethereum futures ETFs were launched on Monday US time. Among them, 5 are pure Ethereum futures ETFs, and 4 are Bitcoin and Ethereum mixed ETFs, each from 6 different institutions.

Amid this excitement, another ETF analyst Eric Balchunas shared the trading status of these ETFs on today's Bloomberg program.

Currently, the total trading volume of the 9 Ethereum-related ETFs is approximately $1.9 million, with the highest trading volume coming from the "Bitcoin and Ethereum Strategy ETF" launched by Valkyrie, with a volume of about $880,000. However, as this ETF currently does not include Ethereum futures positions, the ETF with the highest trading volume is actually the "Ethereum Strategy ETF" launched by Proshares, with a volume of about $370,000.

In response to this, Eric mentioned that there is no clear winner in this ETF competition yet, but the trading volume is lower than expected.

Eric had previously predicted that the assets under management for the 9 Ethereum futures ETFs would reach $200 million by the weekend, but it seems that the market demand has not reached this scale. Eric evaluates Ethereum to reach 20% of Bitcoin's market value, which is estimated at $10 billion for Bitcoin futures ETFs.

Furthermore, looking back at the launch of the first Bitcoin futures ETF "BITO", the demand for Ethereum ETFs appears to be less enthusiastic, as BITO had a trading volume of $200 million within 15 minutes of its launch, and reached $440 million in trading volume within the first hour.

To explain the low trading volume phenomenon, Eric believes the difference may come from the fact that the market was in a bull run when the Bitcoin futures ETF was launched, and Bitcoin is more popular with general investors and advisors compared to Ethereum.

Bitcoin Spot ETF Applications Show "Welcome" Signs

In addition to Ethereum, Eric also shared the status of Bitcoin spot ETF applications yesterday. Despite the repeated delays in the approval of Bitcoin spot ETFs by the SEC, Eric believes that the situation seems to be improving.

After the delay of the Bitcoin spot ETF application last week, the SEC sent comments to the issuer regarding resolving the S-1 application documents and infrastructure and legal matters. Eric stated that this is different from the usual delays, which are often followed by subsequent cold treatments by the SEC and eventually rejection.

Regarding this difference, Eric considers it a welcome sign from the SEC, although the timing of approval is still uncertain.