Ether ETFs launched trading with impressive preliminary inflow data, recording $112 million in the first 15 minutes, surpassing expectations.

Bitwise Outperforms Competitors in Early Trading

The first fifteen minutes of trading for Ethereum exchange-traded funds (ETFs) have seen the release of preliminary inflow statistics by experts, marking the official start of ETF trading on stock exchanges.

Per Cointelegraph, with $25.5 million in capital inflows, Bitwise surpassed its competitors in the first quarter hour of trading, according to Bloomberg senior ETF analyst Eric Balchunas. The only other cryptocurrency that did this was Grayscale's 2017-created Ethereum Trust.

Ether ETFs Attract $112 Million in Early Trading Inflows

According to the Bloomberg analyst, the nine Ether investment vehicles received a total of $112 million in the first fifteen minutes of trading, which is significantly higher than the amount received by conventional exchange-traded funds (ETFs).

In the words of Balchunas, even if the current inflows into Ether ETFs are just half of what they were on the first day of the Bitcoin ETF introduction, they nonetheless surpassed expectations.

Early Ether ETF Inflows Exceed Predictions Despite Ether Price Dip

Since the beginning of the trading day, the price of Ether has decreased, despite the introduction of the much awaited Ether ETF and the initial $112 million inflows.

Ether hit a low of $3,426 throughout the day's trade after starting the day at about $3,540. At the moment, it's trading at about $3,471, having recovered some lost territory.

The nine Ether ETF issuers are in fierce competition with one another, and to entice investors, the majority of them have reduced or abolished fees temporarily.

21Shares said in a filing with the US Securities and Exchange Commission on July 17 that it intends to forego fees during the first six months of trading before instituting a 0.21% management charge thereafter.

While advertising an initial management charge of 0.12%, BlackRock used a comparable fee discount structure, increasing it to 0.25% after one year or when the ETF hits $2.5 billion in assets under management, whichever occurs first.

Bitwise took a novel approach by teaming up with the Protocol Guild, which represents more than 170 Ethereum builders, and offering 10% of its spot Ether profits to support Ethereum developers.