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Ethereum ETFs Begin Trading on Major U.S. Exchanges, Hit $300 Million in First Hour

Jul 23, 2024, 03:01 PM

Ethereum ETFs officially began trading today on major U.S. exchanges, marking a significant milestone in the integration of digital assets into mainstream finance. The SEC approved nine spot Ethereum ETFs, which are now available on exchanges such as CBOE, Nasdaq, and NYSE. Issuers include prominent financial institutions like BlackRock, Fidelity, and Grayscale. Trading volume for these ETFs reached $300 million within the first hour, with $200 million in the first 45 minutes. Jay Jacobs of BlackRock highlighted Ethereum's utility, calling it a global platform. BlackRock's Ethereum ETF $ETHA saw a volume of $50 million in the first hour. This development is expected to enhance access for both retail and institutional investors, similar to the impact seen with Bitcoin ETFs, which have seen $17 billion in inflows since January. Ethereum is currently trading at $3,492.