The launch of Ethereum-ETF did not attract much attention

In the first 15 minutes after the start of the session, the trading volume of Ethereum-ETF based on those traded on CME futures did not exceed $2 million. This contrasts with the debut of similar Bitcoin-based instruments, where the figure was 100 times higher.

Pretty meh volume for the Ether Futures ETFs as a group, a little under $2m, about normal for a new ETF but vs $BITO (which did $200m in first 15min) it is low. Tight race bt VanEck and ProShares in the single eth lane. pic.twitter.com/F9AHtrVcVf

— Eric Balchunas (@EricBalchunas) October 2, 2023

According to Bloomberg analyst Eric Balchunas, these figures are generally typical for the new ETF, but “small” for an asset like Ethereum.

According to the data presented by the specialist, the leader was the product from Valkyrie based on a basket of the first and second cryptocurrencies by capitalization ($787,000). VanEck’s Ethereum futures-only ETF barely broke $300,000.

NEW: Here’s the entire list of #ethereum futures ETFs potentially launching Monday. It’s gonna be a crazy day to say the least. pic.twitter.com/02JYbfU4Pg

— James Seyffart (@JSeyff) September 29, 2023

In total, the turnover for six exchange-traded funds based only on Ethereum futures at the end of the day amounted to $1.92 million, including $879,000 for the ProShares Ether Strategy ETF.

The six new funds by ProShares, VanEck and Bitwise Asset Management allow investors to take positions in exchange-traded products based on ether for the first time. The six funds saw trading volumes total only $1.92 million in their first day of trading, according to data from… https://t.co/ASebNWJHO6

— Wu Blockchain (@WuBlockchain) October 3, 2023

The key difference between the products is the size of the commissions.

NEW: Here’s the entire list of #ethereum futures ETFs potentially launching Monday. It’s gonna be a crazy day to say the least. pic.twitter.com/02JYbfU4Pg

— James Seyffart (@JSeyff) September 29, 2023

Kelley Hunt & Charles CEO Aisha Hunt in an interview Reuters urged not to interpret the emergence of Ethereum-based products as a signal of readiness SEC to the approval of spot Bitcoin ETFs.

IN Bloomberg noted that, unlike the situation two years ago, when Bitcoin ETF trading started, competitive conditions have become tougher in light of the bear market.

The specialist provided data on open interest for futures on Ethereum, which is approximately a fifth of the same figure for Bitcoin. According to his calculations, demand for ETFs could range from $100 million to $200 million.

According to VettaFi Deputy Director of Research Roxanne Islam, the sluggish interest in Ethereum-based futures ETFs is due to expectations for spot versions, primarily Bitcoin. According to her estimates, this could happen in early 2024.

According to Bloomberg, since the beginning of the year, the five largest crypto ETFs have raised only $30 million, despite the fact that they were among the leaders in growth (an average of +80%) among other similar products.

According to CoinShares, in total, investors invested $105 million in the segment during the specified period. At the same time, they withdrew $114 million from Ethereum funds.

The lack of excitement around the launch of the ETF led to sales of the second largest cryptocurrency by capitalization.

According to CoinGecko, the second Ethereum fell in price by 4%. The decline in other assets in the top 10 by value was 2–2.9%, while Solana rose in price by 0.7%.

On September 27, the SEC delayed its decision on several spot Bitcoin ETF applications from ARK Invest and 21Shares until January 2024. For the exchange-traded fund from the Global X Bitcoin Trust, the deadline has been extended to November 2023.

The Commission later rescheduled its response to requests from BlackRock, Invesco, Bitwise and Valkyrie.