Grayscale and Bitwise In Early Lead as Ethereum ETF Volume Tops $100M

Spot Ethereum ETFs are barely 24 hours old in the United States and are already raking in millions. Investment asset management firms Grayscale Investment and Bitwise are leading these huge flows.,Senior Bloomberg ETF analyst Eric Balchunas shared a screenshot of how nine spot Ethereum ETFs performed in the first 15 minutes of trading. The featured Ethereum ETFs were from BlackRock, 21Shares, Grayscale, Franklin Templeton, VanEck, Invesco, Bitwise, and Fidelity.,Recall that after Grayscale applied with the Securities and Exchange Commission (SEC) to convert its Ethereum Trust to a Grayscale Ethereum Trust (ETHE), it amended the filing to include an Ethereum Mini Trust ETF (ETH). The Commission approved both offerings.,According to data shared by Balchunas, Grayscale’s ETHE is leading with $39.7 million in trading volume. At second place is Bitwise spot Ethereum ETF with the ticker ETHW. This offering bagged $25.5 million in trading volume within only 15 minutes of commencement. BlackRock’s ETHA is quite close to Bitwise at $22.5 million. Fidelity’s FETH registered $15.2 million in trading volume within the same period. The total trading volume at the time was approximately $112.9 million.,Grayscale’s ETH did not have it as good as its ETHE. The Ethereum Mini Trust ETF was only able to drag in $4.5 million. As of when the data was collated, 21Shares’ CETH was the least performing with only $0.7 million in trading volume. Generally, it is obvious that Grayscale and Bitwise are leading the market with BlackRock following at a safe distance.,Grayscale’s position in the market hardly comes off as a surprise considering that it slashed its sponsor fee for its Ethereum Trust spinoff to Ethereum Mini Trust ETF.,At first, the investment asset management firm announced its Ethereum ETF fee structure to be a staggering 2.5%, making it 10x more costly than all of its competitors in the race. While the broader cryptocurrency sector was trying to understand the motive behind the huge fee, Grayscale released news of a fee slash.,This made its ETH ETF the cheapest among its competitors. Grayscale Ethereum Mini Trust ETF fee was fixed at 15 basis points. In addition, the asset manager announced a complete fee waiver for up to $2 billion in inflows or six months whichever is early. This strategy has definitely contributed to giving the firm a large market share today.,Read More: WLD Price Slips 7% Ahead Of Massive WLD Unlock,