Several Ethereum futures exchange-traded funds (ETFs) marked their debut in the United States, with investment firms ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares collectively launching nine ETFs on the Chicago Board Options Exchange (CBOE). However, the demand for these ETFs has been modest compared to the frenzy seen during the launch of Bitcoin ETFs in 2021.
ProShares introduced three funds: the Ether Strategy Fund (EETH), the Bitcoin and Ether Strategy ETF (BETH), and the Bitcoin and Ether Equal Strategy ETF (BETE). Bitwise also entered the market with its Bitwise Ethereum Strategy ETF (AETH) and Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP). VanEck rolled out its Ethereum Strategy ETF (EFUT), while Valkyrie debuted its Bitcoin and Ether Strategy ETF (BTF), and Volshares presented its Ether Strategy ETF (ETHU). Brazilian fund manager Hashdex added to the list with its Ether Strategy ETF (EX).
Despite the anticipation, trading activity for these ETFs was relatively slow during their initial hours. By mid-morning, they had collectively traded less than $2 million in total volume. Valkyrie’s BTF had the highest trading volume, reaching around $787,000 in shares traded. This subdued start contrasted sharply with the ProShares Bitcoin Strategy ETF launch in 2021, which saw nearly $1 billion in shares traded in a single day.
The Ethereum futures ETFs are designed to track the future price of Ethereum rather than the cryptocurrency itself. Investors interested in a spot cryptocurrency ETF, which would offer exposure to the actual asset’s current price, are still waiting for approval from the U.S. Securities and Exchange Commission (SEC). The SEC has a backlog of applications from prominent financial institutions like BlackRock, awaiting its decision.
Until a spot crypto ETF is approved, investors have the option to trade futures contracts or purchase the digital asset directly. As of the time of writing, Ethereum was priced at $1,690, representing a 24-hour increase of 0.5% and a weekly gain of nearly 7%.