After Bitcoin ETFs were approved at the beginning of the year, Ethereum ETFs are now coming. And the first data from these index funds was pleasing to investors interested in the crypto world. According to Bloomberg, ETH ETFs raised more than $ 1 billion on their first day.

At first, great enthusiasm. Many of these Ethereum-tied index funds have managed to sneak into the top 50 ETF lists in the United States, with trading volumes reaching $300 million in the first hour and exceeding 620 million by midday.

According to data from analyst Eric Balchunas, the main funds include Grayscale Ethereum Trust (ETHE) and BlackRock’s iShares Ethereum Trust (ETHA), which had first-day volumes of $458 million and $248.7 million, respectively. Other funds included Fidelity Ethereum Fund (FETH) and Bitwise Ethereum ETF (ETHW), with $137.2 million and $94.3 million, respectively.

Bitcoin ETF lags but beats expectations “Even if ETH ETFs only attract 20% to 25% of Bitcoin ETFs, that would be a very successful outcome,” Nate Geraci, president of The ETF Store, told The Block in an interview.

According to the first day’s data, Ethereum ETF volume reached 23% of the Bitcoin ETF, which was worth $4.6 billion. The figures were higher, with a total volume of $1.6 billion by the end of the first day, according to CoinShares chief analyst James Butterfill.

Ethereum has managed to attract almost a quarter of Bitcoin investments. This is just the first day, but it is an example of how solid the trust in the second-largest cryptocurrency is.

The rest, especially Solana, want this too. Anticipating the success of Ethereum ETFs, companies like VanEck and 21Shares have also filed requests with the SEC to approve their Solana index fund.

However, the situation is not that clear. The US regulator is currently analyzing the viability of the Solana ETFs. The situation is different here because the SEC currently has doubts about what is a security and what is not.

While the SEC is more or less clear on Bitcoin and Ethereum, there are fears that other cryptocurrencies like SOL could be subject to market manipulation and therefore would not be receptive to having their own index funds.

Long-time investors already see crypto through different eyes. According to Mireya Fernández, Bitpanda Country Leader for Southern Europe, Ethereum ETFs show that “the approval of a Bitcoin ETF is not an isolated event.”

While he acknowledges that these ETFs only operate in the United States, he notes that their impact is global: “This new status will allow for greater institutional investor adoption of this asset class. As more capital from institutional investors flows into digital assets, greater long-term positive stability in demand will be created.”

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