Ethereum Futures ETFs Receive Mixed Reactions on Debut Day

The Launch of Nine New Ethereum Futures ETFs

The launch of nine new Ethereum futures exchange-traded funds (ETFs) caused a stir of excitement, but the investment dollars have been relatively low.

On October 2nd, nine new ETFs were released, five of which track Ether futures exclusively, and the other four track a combination of Bitcoin and ETH futures.

Senior Bloomberg ETF analyst Eric Balchunas commented on X (formerly known as Twitter) on Oct. 2, “Pretty meh day of volume.” Indeed, the total trading volume of all nine ETFs amounted to less than $2 million by midday EST on the first day of trading.

The emergence of the new ETFs has brought the web 3.0 browser list, web 3.0 blockchain market, and list of web 3.0 tools into the spotlight. Many are wondering if Metaverse and web 3.0 are the same, and what exactly is web 3.0. Additionally, the SOFI web 3.0 ETF and the relationship between web 3.0 and crypto have become topics of interest.

The Impact of Web 3.0 on ETFs

Valkyrie’s BTF, which includes a combination of Bitcoin and Ether, was the most popular of the futures ETF products, with a total of $882,000 worth of volume. This ETF had already been trading as a Bitcoin-only futures ETF since October 2021, but adjusted its strategy to include ETH.

On its first day, ProShares Bitcoin Strategy ETF (BITO) had more than $1 billion in trading volume, which was much higher than the first-day volume of the Ether ETFs. However, according to Balchunas, this volume was actually quite high compared to regular traditional finance ETF launches, though investors typically prefer spot ETF products over futures.

The emergence of Web 3.0 and its impact on the ETF market is becoming increasingly clear. Various tools, such as SOFI Web 3.0 ETF, Twitter Web 3.0, Metaverse and Web 3.0, and a list of Web 3.0 websites, are providing new opportunities for investors to diversify their portfolios with cryptocurrency assets.

Balchunas noted that all the products were planned to be launched on the same day in order to stop any single fund from gaining an advantage in the market.

Meanwhile, as US companies competed to be the first to list Ether futures, ETF firm Volatility Shares chose to abandon its plans for a similar product, saying that it “didn’t see an opportunity” in the web 3.0 blockchain market at the moment.