Spot Ethereum (ETH) exchange-traded funds (ETFs) surpassed $600 million in volume in less than three trading hours in the US, according to Bloomberg ETF analyst James Seyffart. The amount is roughly 13% of the volume registered by Bitcoin ETFs on their first trading day.

Updating with data through 1:30. And correcting formulas. The Ethereum ETFs are on track to be a bit shy of $1 billion in trading — on track to hit about $940 million with 2.5 hours left. $932 million would be 20% of the BTC ETF’s Day 1

Last 30 min of trading will be important https://t.co/Bn1TvywQD6pic.twitter.com/UGRod2rp86

— James Seyffart (@JSeyff) July 23, 2024

Nevertheless, Seyffart’s fellow Bloomberg ETF analyst Eric Balchunas highlighted that the volume shown by Ethereum ETFs is very significant, as ETFs rarely see more than $1 million in volume on launch day.

However, Seyffart believes that Ethereum ETFs are on pace “to be a bit shy” of $1 billion in trading, although it could hit $940 million. This is equivalent to roughly 20% of the volume registered by Bitcoin ETFs on their first trading day and fits Seyffart’s and Balchunas’ predictions. “Last 30 min of trading will be important,” added Seyffart.

Grayscale’s ETHE leads with nearly $270 million in volume, but Balchunas underscores that this could be mostly outflows, while the rest of the ETFs are likely showing inflows. If that’s the case, the analyst predicts total assets under management at the $100 million level today.

Notably, excluding ETHE, BlackRock’s ETHA registers $133.5 million in volume and leads the pack by a comfortable margin. The only Ethereum ETFs with less than $10 million in volume at the time of writing are 21Shares’ CETH and Invesco’s QETH, which registered $5.2 million and $8 million, respectively.

Moreover, as some industry experts expected, the launch didn’t affect ETH’s price, which is down by 1.6% over the past 24 hours, and declining by 0.7% over the past hour.