I think that why this story so interesting. We've been talking about so much is that it's a good test for wider interest in crypto markets, right? You're exactly right. Demand beyond Bitcoin, obviously the spot Bitcoin ETFs. It started trading in January were a wild success, really blew past expectations. We have seen eight spot ether ETFs begin trading in the US today, and these are expected not to not draw as much interest, but trading volume so far has been pretty impressive. Over 300 million in trading volume so far today. But if you take a look, a look at BlackRock's ether ETF in particular, the ticker there is 88, a volume after the first hour was about $50 million. Maybe it'll get to 200 million by the end of the day. Just for context. BlackRock's spot Bitcoin ETF did about $1,000,000,000 on its first day of trading. So impressive, but not quite Bitcoin levels.

It was never going to be Bitcoin levels,
was it? Katie, can you just mark us up to what
we all anticipated and whether or not the flows are good enough for what the
market needed to see? So if you take a look at what the
consensus is right now, there was an interesting note from Winter Mute
Trading, for example. Typical analyst projections translate
into annualized inflows about 4.8 to $6.4 billion for these Ether products.
That's in the first year, which again, is not nothing for a new ETF debut,
especially in a new category. That's pretty impressive.
But it's just that the Bitcoin ETFs received so much enthusiasm net inflows
of $17 billion. Even with the outflows that you've seen
from GBTC, there's some pretty difficult comps there.
But again, it'll be interesting to see how these develops, whether financial
advisors in particular will embrace

these.
There's a lot of question about how do you market ether. Bitcoin is digital
gold. What's the sales pitch for ether to a non-crypto audience?
Those are some of the questions that need to be answered.

US Ether ETFs Set for Debut in Test of Wider Crypto Demand

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