The first US ETFs investing directly in Ether have made a successful debut, reaching a turnover of over $1 billion. Although this is less than the $4.6 billion recorded during the launch of spot Bitcoin ETFs in January, it’s still an impressive figure for new funds. The iShares Ethereum Trust ETF by BlackRock (ticker ETHA) attracted attention with a trading volume of $248 million, while the Grayscale Ethereum Trust, converted into an ETF, reached a turnover of $458 million, placing it among the top 25 debuts of all time.

The audience for Ether ETFs and Bitcoin ETFs is similar, noted Drew Walsh, Vice President of Research and Operations at Roundhill Financial. These products appeal to people who are just beginning to explore cryptocurrencies. He emphasized that trading volume does not reflect direct purchases or sales, and exact data on investor flows will be available later. Bitwise’s Chief Investment Officer Matt Hougan stated in a Bloomberg TV interview that the response was incredible and exceeded his expectations.

Analysts expect annual flows into Ether funds to range from $4.8 billion to $6.4 billion, but there are forecasts that demand could be lower—ranging from $3.2 billion to $4 billion. This is due to Bitcoin’s market capitalization, which exceeds $1.3 trillion, being approximately three times larger than Ether’s. Alex Saunders from Citigroup added that Bitcoin has a first-mover advantage and is easier to understand as “digital gold,” noting that the ceiling for flows into Ether funds is between $4.7 billion and $5.4 billion.