- Ethereum Futures ETFs from VanEck, ProShares, and BitWise recently went live.
- The trading volume of the ETH Futures ETFs was lower than what the crypto community anticipated.
- Bloomberg reported that the volume of ETH Futures ETFs failed to hit the $2 million mark.
Several asset management firms in the United States including VanEck, BitWise, and ProShares saw their Ethereum Futures exchange-traded funds (ETF) go live on October 2, 2023. However, the trading volume garnered by the widely anticipated ETH Futures ETFs was considerably lower than what the crypto community expected.
Eric Balchunas, a Senior ETF Analyst at Bloomberg, took to X (formerly Twitter) earlier today to reflect on the first trading day of Ether Futures ETFs in the U.S. The funds launched on Monday included the BitWise Ethereum Strategy ETF, ProShares Ethereum, Strategy ETF, and the VanEck Ethereum Strategy ETF.
“Unprecedented day today with multiple ETFs all launching at the same time. No clear winner has emerged, all of them were pretty average, lower than I would have predicted, but its a long run and remember, these hold futures,” Balchunas told his followers on X.
According to data gathered by Bloomberg, VanEck’s Ether ETF ($EFUT) witnessed a trading volume of 312,029 as of Monday noon. Meanwhile, the value of ProShares’ Ether ETF ($EETH) and BitWise’s ETH ETF ($AETH) traded at the time was 366,307 and 31,785 respectively. Ethereum ETFs launched by Kelly and VolShares saw zero trading volume.
The combined value of the Ethereum ETFs traded on the first trading day failed to reach the $2 million mark. Commenting on the low trading volume of the highly anticipated Ether Futures ETFs, Balchunas stated that ETF investors preferred physical or spot investment vehicles rather than derivatives (futures) ETFs.
Valkyrie’s Bitcoin+Ethereum Futures ETF ($BTF) is expected to start trading later today, along with two other ETFs the following day. Of the Ethereum Futures ETF launched on Monday, VanEck’s ETF was the only one that was structured as a C-Corp, making it a lucrative choice for tax-conscious investors.
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