Ethereum futures ETF daily trading volume hits all-time high as spot approval anticipation grows
Quick Take
- Daily trading volume for Ethereum futures ETFs has hit a fresh all-time high amid growing spot approval anticipation.
- Ethereum futures ETFs generated $47.75 million in trading volume on Tuesday — 40% more than the $34.18 million peak set on March 5.
Daily trading volume for Ethereum 
ETH
+2.55%
futures exchange-traded funds hit a fresh all-time high yesterday amid increasing anticipation of spot approvals from the U.S. Securities and Exchange Commission.
The Ethereum futures ETFs generated $47.75 million in trading volume on Tuesday — 40% more than the prior $34.18 million peak set on March 5 as ether was approaching the $4,000 mark — building on their $23.67 million spike on Monday.
ProShares’ Ether Strategy ETF (EETH) dominates the category, accounting for $43.14 million or 90% of yesterday’s trading volume. VanEck’s Ethereum Strategy ETF (EFUT) came second and Bitwise’s Ethereum Strategy ETF (AETH) third, generating $2.6 million and $2.01 million in volume, according to The Block’s data dashboard.
Despite the new daily record, the trading volume for Ethereum futures ETFs, which launched in October 2023, pales in comparison to the spot Bitcoin ETFs, which debuted in January and generated a combined $2.16 billion in trading on Tuesday, led by BlackRock’s IBIT on $1.12 billion.
However, spot Bitcoin ETF daily trading volume has declined significantly after reaching a record $9.93 billion on the same March 5 date — as bitcoin first broke past its prior cycle peak of around $69,000.
The daily trading volume of Grayscale’s Ethereum Trust (ETHE) also soared on Tuesday, reaching $684.44 million — the highest level since hitting an all-time high of $842.67 million in May 2021.
RELATED INDICES
ETHE’s discount to net asset value narrowed to -6.7% yesterday — its lowest level in over two years. Investors are seemingly buying up the discounted shares ahead of a potential ETF conversion — as was the case with Grayscale's Bitcoin Trust (GBTC) before its conversion to an ETF on Jan. 11.
Spot Ethereum ETF odds dramatically rise
On Monday, Bloomberg ETF analysts Eric Balchunas and James Seyffart dramatically raised their odds of spot Ethereum ETF approvals from 25% to 75% in a turnaround of broad market consensus.
The sudden change came amid signs of a 180 from the SEC, Balchunas said — with crypto increasingly becoming a political issue. The SEC only asked for minor updates to the important 19b-4 forms for the prospective spot Ethereum ETFs and approval for these forms might happen as early as today.
Ether has gained around 19% since Monday amid the renewed spot Ethereum ETF frenzy and is trading for $3,662 at publication time, according to The Block’s price page.
ETH/USD price chart. Image: TradingView.
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