ETH Price Slips Below $3.5K as Spot Ethereum ETFs Reach $361M Trading Volume in 90 Minutes

The long-anticipated launch of spot Ethereum ETFs in the United States became a reality today as nine such financial vehicles went live for trading.

The first 90 minutes were quite impactful, as the total volumes exceeded $360 million, according to data from Bloomberg’s ETF specialist – Eric Balchunas.

Here’s where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what $TLT and $EEM trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have… pic.twitter.com/R5UgQFR1L6

— Eric Balchunas (@EricBalchunas) July 23, 2024

2024 continues to be a milestone-setting year for the cryptocurrency industry in terms of validation from the most critical US watchdog – the Securities and Exchange Commission.

After the approval of 11 spot Bitcoin ETFs in mid-January, the agency made the headlines a few months ago as it greenlighted exchange-traded funds tracking the performance of the second-largest cryptocurrency – Ether (ETH).

Although there were some hurdles and features that had to be aligned, nine such products went live for trading on US stock markets today after a significant delay.

Balchunas outlined the $361 million in trading volume reached in 90 minutes after their launch. It’s worth noting that Grayscale’s converted fund has taken the lead with twice as big numbers as BlackRock’s ETHA, and if it is anything resembling GBTC, it would probably mean mostly selling from investors.

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ETH’s price went to a daily peak of $3,550 as the financial vehicles went live but dropped by more than $100 almost immediately. As of now, the cryptocurrency trades about $40 away from $3,500.