Daily trading volume for Ethereum futures exchange-traded funds (ETFs) reached a new all-time high yesterday, driven by growing anticipation of spot approval from the U.S. Securities and Exchange Commission (SEC). On Tuesday, Ethereum futures ETFs generated $47.75 million in trading volume, a 40% increase from the previous peak of $34.18 million set on March 5, when ether was nearing the $4,000 mark. This surge followed a $23.67 million spike in volume on Monday.
ProShares’ Ether Strategy ETF (EETH) dominated the category, accounting for $43.14 million, or 90%, of Tuesday’s trading volume. VanEck’s Ethereum Strategy ETF (EFUT) and Bitwise’s Ethereum Strategy ETF (AETH) followed, generating $2.6 million and $2.01 million, respectively, according to The Block’s data dashboard.
Despite this new record, Ethereum futures ETFs, which launched in October 2023, still trail significantly behind spot Bitcoin ETFs. The latter, which debuted in January, amassed a combined $2.16 billion in trading on Tuesday, led by BlackRock’s IBIT with $1.12 billion.
However, the daily trading volume for spot Bitcoin ETFs has seen a substantial decline since hitting a record $9.93 billion on March 5, as bitcoin surpassed its previous cycle peak of around $69,000.
Grayscale’s Ethereum Trust (ETHE) also saw a significant increase in daily trading volume on Tuesday, reaching $684.44 million — the highest level since its all-time high of $842.67 million in May 2021. ETHE’s discount to net asset value narrowed to -6.7%, its lowest in over two years, as investors snapped up discounted shares ahead of a potential ETF conversion, similar to the Grayscale Bitcoin Trust (GBTC) before its conversion to an ETF on January 11.
The odds of spot Ethereum ETF approvals have dramatically increased. On Monday, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised their probability of approval from 25% to 75%, reflecting a significant shift in market consensus. This change comes amid indications of a policy shift at the SEC, with minor updates requested for the important 19b-4 forms for prospective spot Ethereum ETFs. Approval for these forms could come as early as today.
Ether has surged around 19% since Monday amid the renewed spot Ethereum ETF excitement and is trading at $3,662 at the time of publication, according to The Block’s price page.
