On the first day of trading for nine unique Ethereum futures ETFs, the market saw limited activity, totaling less than $2 million in trading volume. Despite the initial excitement, substantial investments were notably absent.
On October 2nd, the market introduced nine new ETFs designed to replicate Ethereum’s Ether (ETH) futures contracts. Five focus solely on Ether futures, while the other four combine Bitcoin (BTC) and ETH futures.
Together, these nine ETFs had a trading volume of less than $2 million in the first half of the Eastern Time trading day. The most popular was the Valkyrie Bitcoin Strategy ETF, with $882,000 in trading volume, combining Bitcoin and Ether.
Notably, this ETF was initially a Bitcoin-only futures ETF from October 2021 but later adapted to include ETH.
Ethereum Futures ETFs Launch Contrasts Bitcoin Success
The initial trading volume of Ether ETFs sharply differs from that of the ProShares Bitcoin Strategy ETF, which launched in October 2021 during the cryptocurrency market’s peak.
This Bitcoin ETF saw trading surpassing $1 billion on its first day. However, compared to traditional finance ETF launches, the volume was significant. Eric Balchunas notes that investors prefer spot ETFs over futures.
Balchunas also said the SEC coordinated the simultaneous launch to prevent one fund from dominating.
Meanwhile, in the competitive U.S. Ether futures market, ETF firm Volatility Shares canceled plans for a similar product. They cited a lack of viable opportunities in the current landscape.
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