Spot Ethereum ETFs See Over $1B in Trading Volume for the First Time

The U.S. listed position accounted for nearly $1.08 billion in cumulative trading on the first day of trading — 23 percent of the position Bitcoin ETFs saw on their opening day.

The volatile Grayscale Ethereum Trust (ETHE) and BlackRock's iShares Ethereum Trust (ETHA) hit record highs of $458 million and $248.7 million on July 23, according to preliminary data from Bloomberg ETAT analyst Eric Balchunas.

The Fidelity Ethereum Fund (FETH), Bitwise Ethereum ETF (ETHW) completes the top four with $137.2 million and $94.3 million, respectively.

Balchunas said the $625 million figure from the “newborn eight” products — excluding grayscale ETHE — is “healthy” and he expects a “sizeable chunk” of that total to turn into revenue.

Fellow Bloomberg ETF analyst James Seifert expects the revenue stream to be between $125 million and $325 million — depending on how many investors these companies have lined up.

In January, spot bitcoin (BTC) ETFs saw $655.2 million in revenue on the first day of trading, including $95 million in costs from a grayscale converted bitcoin product.

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It comes a day after the U.S. securities regulator made the final S-1 forms necessary for the products to be listed on the Nasdaq, NYSE Arca and the Chicago Board Options Exchange effective.

Fidelity, 21Shares, Bitwise, Franklin and VanEck have waived fees on ETFs for a certain period or until the products reach a certain amount in net assets.

After that, all Spot Ether (ETH) ETFs except ETHE offer a base fee of between 0.15% and 0.25%. ETHE fee remains at 2.5%.

BlackRock is offering a 0.12% discount for the first 12 months or until the fund reaches $2.5 billion in net assets, whichever comes first. After that it increases to 0.25%.

The Grayscale Ethereum Mini Trust starts with a fee of 0.12% and will move to 0.25% after 12 months or $2 billion in net assets, while the Invesco Galaxy Space Ether ETF is set at 0.25%.

Ether is currently trading at $3,470 — hovering between $3,400 and $3,500 on its first trading day.

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