On October 2nd, nine Ethereum ETF futures funds were officially launched on the Chicago Board Options Exchange (CBOE) by investment companies ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares.
Here are the ETFs introduced by each company:
1. ProShares:
– Ether Strategy Fund (EETH)
– Bitcoin and Ether Strategy ETF (BETH)
– Bitcoin and Ether Equal Strategy ETF (BETE)
2. Bitwise:
– Bitwise Ethereum Strategy ETF (AETH)
– Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP)
3. VanEck:
– Ethereum Strategy ETF (EFUT)
4. Valkyrie:
– Bitcoin and Ether Strategy ETF (BTF)
5. Volshares:
– Ether Strategy ETF (ETHU)
Additionally, the Brazilian fund manager Hashdex also launched the Ether Strategy ETF (EX).
Notably, contrary to expectations, these nine ETFs had a slow start, with trading volumes on their first day of less than $2 million in total.
Currently, Valkyrie’s BTF is leading the race with a trading volume of $787,376, accounting for 46% of the total volume across all nine ETFs. VanEck follows in second place with a volume of $305,410, making up 18% of the total volume. ProShares accounts for 31%, while the remaining two, Kelly and VolShares, do not have measured volumes.
It’s evident that these ETFs still have a long way to go to reach the level of success achieved by the first Bitcoin futures ETF in 2021. The ProShares Bitcoin Strategy ETF, when launched on the New York Stock Exchange in 2021, recorded a massive trading volume of up to $1 billion on its debut day.
Despite the modest trading volumes of these Ethereum ETFs, their approval marks an important milestone in the cryptocurrency space and paves the way for the SEC to approve a Bitcoin ETF Spot.
Cryptocurrency ETFs are highly anticipated and bullish in the crypto community because they provide a gateway for institutional and retail investors to channel funds from the traditional financial markets into the crypto space without needing to physically own the assets.