Share this article
Ether Futures ETFs See Low Volume in First-Day Trading
"Pretty meh volume" for the group, said one analyst.
Updated Oct 12, 2023, 2:58 p.m. Published Oct 2, 2023, 9:10 p.m.
Make us preferred on Google
It was a slow start for the first day of trading for futures-based ether exchange-traded funds (ETFs).
A total of nine of the ETFs offering exposure to ether futures came to market on Monday. Five will hold only ether futures, while four will hold a mix of bitcoin and ether futures. One of those funds, Valkyrie’s Bitcoin Strategy ETF (BTF) – soon to be renamed – has been in existence for about two years as a bitcoin-only fund, but is changing its strategy to include ether. The rest of the vehicles are new to market.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“Pretty meh volume for the Ether Futures ETFs as a group,” said Bloomberg ETF analyst Eric Balchunas.
Among the more popular of the new ETFs today, VanEck’s Ethereum Strategy ETF (EFUT) traded just shy of 25,000 shares at a price roughly averaging $17 per share for total dollar volume of just $425,000.
As comparison, the ProShares Bitcoin Strategy ETF (BITO) – which launched in October 2021 amid a raging crypto bull market – traded more than $1 billion in in dollar volume on its first day.
The crypto industry continues to await a decision from the U.S. Securities and Exchange Commission (SEC) over numerous recent and older applications for both spot bitcoin and spot ether ETFs. Grayscale Investments Monday morning threw its hat in the ring on ether, filing to convert its nearly $5 billion Grayscale Ethereum Trust (ETHE) to a spot ETF.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
Top Stories
