Daily trading volume of ETH futures ETFs has updated a record-high

The indicator grew amid expectations of spot product approvals in the United States

23.05.2024 - 08:20

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2 min

What’s new? The daily trading volume of Ethereum-based futures exchange-traded funds (ETFs) shares reached a new historic high amid expectations of approval of similar spot products by the US regulator. Thus, on May 21, it amounted to $47,75 million, which is 40% more than the March 5 peak of $23,67 million, set against the backdrop of ETH exchange rate growth to $4000.

Material by The Block

What else is known? The Ether Strategy fund from ProShares (EETH) investment company dominates the ETH ETF futures category, accounting for $43,14 million, or 90% of the May 21 trading volume. In second and third place are funds from VanEck (EFUT) and Bitwise (AETH) with $2,6 million and $2,01 million, respectively.

Earlier, investment firm Grayscale withdrew its application to launch a futures ETH ETF, which had been under review by the US Securities and Exchange Commission (SEC) since October last year. The company attributed this to the fact that a number of futures products are already available to investors, including EETH and EFUT, which account for more than 90% of trading volume.

The SEC allowed futures-based ETH ETFs into the market last September, while spot products remain unapproved. Earlier this week, the commission asked issuers of spot funds to update Form 19b-4 trading rule changes on an expedited basis, which many in the crypto community interpreted as preparation for the imminent launch.

BlackRock, Fidelity, VanEck, and Franklin Templeton, as well as Galaxy and Invesco (jointly) and ARK Invest and 21Shares (jointly) submitted new filings in response, removing the staking provision.

Against this backdrop, ETH and its ecosystem-related coins, including meme tokens, have seen growth of more than 20%.

At the time of writing the news, ETH is trading on the largest crypto exchange Binance at $3777, having added 0,08% over the day. Weekly growth amounted to 25,3%, and the asset has added 65,4% since the beginning of the year.

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