Spot Ethereum exchange-traded funds (ETFs) have officially gone live in the US, marking the first altcoin spot ETF in the US.
According to Bloomberg ETF analyst Eric Balchunas, the ETFs are already a success, with $115 million traded within the first 15 minutes.
The analyst noted that while the ETFs are performing at half the pace of spot Bitcoin ETFs, the trajectory was already commendable, adding that getting 50% of spot BTC ETF volumes on the first day of trading will be a success.
“Here’s volume after the first 15 minutes of trading. Total of $112M traded for the group (which is A TON vs a normal ETF launch but only about half of what Bitcoin ETFs’ volume pace was on DAY ONE, although 50% would exceed expectations.”
The analyst further noted that the Bitwise Ethereum Fund was already outperforming with $25 million in volumes within the first 15 minutes.
The Grayscale Ethereum Trust is leading in volumes with $39 million, while the BlackRock iShares Ethereum Trust ETF (ETHA) had $22 million in volumes in the first 15 minutes. Fidelity’s volumes also stand at $15 billion.
Spot Ethereum ETFs Outperform Traditional ETFs
Balchunas noted that the volumes for ETH ETFs within the first few minutes had already outperformed traditional ETFs.
The analyst compared the spot ETH ETFs to BlackRock’s recently launched Manufacturing Theme ETF (MADE) last week, which recorded $300,000 in volumes on day one of trading.
Despite the ETFs performing beyond expectations, the volumes remain significantly lower than spot Bitcoin ETFs. Bitcoin ETF volumes hit $130M in volumes within the same timeframe as Ether, showing a ratio of 23%.
Nevertheless, as with spot Bitcoin ETFs, the Grayscale Ethereum Trust, converted into a spot Ether ETF, is expected to record outflows. This fund holds $10 billion in assets.
Ethereum Price Could Head To A New ATH
Ethereum’s price has yet to react to the news around spot ETH ETF approvals, and it still holds the $3,400 level.
Ether was trading at $3,463 after a slight 0.3% drop as of 10:17 a.m. EST.
According to crypto analyst @CryptoMichNL, Ethereum is heavily undervalued. The analyst noted that a significant upswing could be on the way, with the product already amassing half of Bitcoin ETF volumes.
The analyst expects that the price of Ether will create a fresh all-time high within 1-2 months of trading. Such performance will mirror Bitcoin, which surged to an ATH above $73,000 after spot Bitcoin ETFs launched in January.
Trader @DaanCrypto also expects much movement around the ETH price with the ETF launch. The analyst noted that the ETH price needs to hold $3,350 to look strong and head higher.
