Spot Ethereum ETFs Record $112 Million in Trading Volume During the First 15 Minutes

The first hour of trading spot Ethereum ETFs seems really dynamic as the numbers are getting higher and higher.

According to Bloomberg’s Eric Balchunas, during the first 15 minutes of trading spot Ethereum ETFs registered $112 million in trading volume – only about half of what BTC ETFs recorded on day one.

Here’s volume after 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, altho 50% would exceed expectations IMO). Also Bitwise outperforming early. pic.twitter.com/RoN9J1VoP1

— Eric Balchunas (@EricBalchunas) July 23, 2024

Popular analyst Michael van de Poppe states that the Ethereum ETF launch is heavily undervalued and is expecting ETH to trade towards an ATH in the coming 1-2 months.

At the time of writing, Ethereum is priced at $3,450 with no significant price swings in the past 24 hours and has a trading volume of $22.6 billion.

The SEC’s recent approval marked a historical moment for cryptocurrencies and the beginning of a new era in investing.

On a seperate note, crypto expert Anthony Pompliano stated that he expects Ethereum to attract far less investments than Bitcoin ETFs did in January. He also said that inevitably other cryptocurrencies will get approval for ETF trading and bring crypto to Wall Street.