Nine spot Ethereum ETFs began trading on the US stock market, marking a significant event after the SEC's approval. The ETFs saw $1 billion in trading volume on the first day. BlackRock led with $266 million in inflows, followed by Bitwise and Fidelity. In contrast, Grayscale's Ethereum Trust experienced outflows of $484 million.
The overall market response was positive, but Ethereum's price fell by 0.8%. The total assets amassed by Ethereum ETFs were $10.2 billion, with Grayscale leading the trading volume despite its outflows. Another contributing factor to investor behavior was Grayscale's higher fees compared to competitors.
The lack of staking features, prohibited by the SEC, also drove some investors to buy Ethereum directly. Analysts remain optimistic about the future of Ethereum ETFs, noting that smaller players also showed strong performance. The success follows Bitcoin's ETF debut earlier this year, which saw significant inflows and a subsequent price surge.