The total trading volume on day one was less than $2 million across all nine goods.In comparison, the surge of excitement surrounding the debut of nine new Ethereum futures exchange-traded funds (ETFs) appears to have yielded nothing in terms of investment dollars. On October 2, nine new ETF products were launched, with the goal of tracking futures contracts related to the value of Ethereum’s native currency, Ether.
appeared on the market. just five of these funds follow just Ether futures contracts, while the other four track a mix of Bitcoin and ETH futures contracts. “Pretty meh day of volume,” senior Bloomberg ETF analyst Eric Balchunas commented on X (previously Twitter) on Oct. 2.
Today was an unprecedented day, with many ETFs launching at the same time. Valkyrie’s BTF, which tracks a combination of Bitcoin and Ether, was the most popular futures ETF product, with $882,000 in volume. It’s worth mentioning that BTF has been trading as a Bitcoin-only futures ETF since October 2021, but it has subsequently changed its plan to incorporate ETH.
The Ether ETFs’ first-day trading volume paled in contrast to that of the ProShares Bitcoin Strategy ETF (BITO), which debuted in October 2021 during a sizzling market for crypto currencies. On its first day, BITO saw more than $1 billion in trade volume.
However, Balchunas highlighted that when compared to a typical traditional finance ETF launch, the volume saw was “quite a lot,” despite the fact that investors favour spot ETF products over ETFs. As Balchunas explained, the SEC wanted to prevent any fund from gaining market dominance by launching all of the products on the same day. ETF firm Volatility Shares canceled its plans to list a similar product while many US firms fought for control of the nascent Ether futures market, saying that it saw no opportunity at the moment.