ETH Price Drops Below $3.5K As Spot Ethereum ETFs Reach $361M Trading Volume In 90 Minutes

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

The first 90 minutes were quite impressive, with total volumes exceeding $360 million, according to data from Bloomberg ETF specialist Eric Balchunas.

This is where we are after 90 minutes. $361 million in total. As a group, that number would put them around 15th in ETF volume (roughly what $TLT i $EEM trade), which is 1%. But again, compared to a normal ETF launch, which rarely sees more than $1 million on the first day, they all have… pic.twitter.com/R5UgQFR1L6

— Eric Balchunas (@EricBalchunas) July 23, 2024

2024 remains a milestone year for the cryptocurrency industry in terms of validation by the United States’ top watchdog, the Securities and Exchange Commission.

After approving 11 spot Bitcoin ETFs in mid-January, the agency made headlines a few months ago when it gave the green light to exchange-traded funds tracking the performance of the second-largest cryptocurrency: Ether (ETH).

Although there were some hurdles and features that needed to be lined up, nine such products went live for listing on US exchanges today after a significant delay.

Balchunas described the $361 million in trading volume achieved within 90 minutes of its launch. It’s worth noting that Grayscale’s converted fund has taken the lead with numbers twice as large as BlackRock’s ETHA, and if it’s anything like GBTC, it would probably mean selling mostly from investors.

The price of ETH hit a daily high of $3,550 as the financial vehicles went live, but fell back over $100 almost immediately. As of now, the cryptocurrency is trading around $40 off $3,500.

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