Spot Ethereum ETFs See $300M Trading Activity in First Few Hours

• At roughly 10:45 a.m. EST, or 75 minutes after the opening, the funds reached $300 million.
• The spot Ethereum ETFs were live for trading in the US at 9:30 a.m. EST on Tuesday.

Significant trading activity has already been produced since spot Ethereum ETFs first debuted on the U.S. stock market Tuesday morning. The exchange-traded funds amassed millions in total trading volume in less than an hour.

At roughly 10:45 a.m. EST, or 75 minutes after the open, the funds reached $300 million in trading activity. Bloomberg Senior ETF Analyst Eric Balchunas gave some background on the early statistics. Balchunas noticed this comparison didn’t include GBTC. And if you throw it in, the ETH ETFs do roughly 20% to 25% of the volume of the BTC ETFs.

The introduction of spot Bitcoin ETFs in January has been praised by many in the industry as the biggest ETF launch ever. The funds have experienced $300 billion in total trading volume in the first six months, topping at $61.5 billion in AUM.

All Eyes on Ether Price

Moreover, the first-ever spot Ethereum ETFs were live for trading in the US at 9:30 a.m. EST on Tuesday morning, coinciding with this remark. Also, the S1 registration statements were made effective after clearance from the U.S SEC. This clearance was the last green light for the funds representing the second-largest cryptocurrency in the world to start trading on key U.S. exchanges.

Jim Cramer, CNBC anchor has made a remarkable claim about Ethereum’s recent price behavior in light of the introduction of spot ETFs in the U.S. The fact that Ethereum is dropping down is a clear indication of how much it was overpriced, according to Cramer. Who implied that the price of the cryptocurrency had been inflated due to the ETF debut. At the time of writing ETH is trading at $3476, down 0.30% in the last 24 hours as per data from CMC.

Highlighted Crypto News Today:

Defunct Crypto Exchange Mt. Gox Transfers 47,500 Bitcoin Worth $3.2B