On their second day in the U.S. markets, Ethereum ETFs traded close to $1 billion. The spot ether ETFs saw about $951 million in cumulative trading volume on Wednesday, following $1.054 billion on their debut day, as reported by Yahoo Finance and The Block Pro Research.

The Grayscale Ethereum Trust (ETHE) led the pack with $492 million, making up around 52% of the total volume. BlackRock’s iShare Ethereum Trust (ETHA) and Fidelity Ethereum Fund (FETH) followed with $256 million and $113 million, respectively.

On Tuesday, the ETFs saw $106.7 million in net inflows and amassed over $10 billion in assets under management, according to SosoValue data. Grayscale Ethereum Trust was the only fund with outflows, losing $484.1 million.

Bloomberg Intelligence’s James Seyffart mentioned that the ETF launch met his expectations, comparing it to a standard ETF launch and calling it a “smashing success.”

Spot Bitcoin ETFs experienced $77.97 million in outflows on Tuesday, ending a 12-day inflow streak. Rennick Palley of VC firm Stratos noted early signs of rotation from Bitcoin ETFs to Ethereum ETFs, indicating a growing interest in diversifying crypto assets within ETF forms.

Bitwise President Teddy Fusaro highlighted the trading activity difference, noting Ethereum ETFs traded about $852 million, approximately 75% of the notional value of Bitcoin ETFs at $1.1 billion.