Nine Ethereum futures exchange-traded funds (ETFs) became available for trading on Oct. 2.

The nine funds in that category are offered by six different asset managers: Valkyrie, VanEck, ProShares, Bitwise, Kelly, and VolShares. Each fund is currently trading on the Cboe exchange. Four of the ETFs invest in a combination of Bitcoin futures and Ethereum futures, while five others invest solely in Ethereum futures.

Bloomberg ETF analyst Eric Balchunas posted a roundup of trading volumes as follows on X:

TickerIssuerStrategyValue traded as 11:15am [USD]
BTF USValkyrieEther + Bitcoin787,376EFUT USVanEckEther305,410EETH USProSharesEther284,112BETE USProSharesEther + Bitcoin245,825BTOP USBitwiseEther + Bitcoin46,332AETH USBitwiseEther27,494BETH USProSharesEther + Bitcoin4,737EXUSKellyEther0ETHU USVolSharesEther0TOTAL 1,701,286

Valkyrie’s ETF reported the highest volume. The fund saw $787,376 in volume and accounted for 46% of the combined volume of all nine ETFs. Valkyrie announced that it added Ethereum futures to its fund in a press release; it called the newly-converted fund the “first-of-its-kind dual cryptocurrency futures” as it also includes Bitcoin futures.

VanEck, meanwhile, offers an ETF that solely invests in Ethereum futures. It reported the second-highest volume of $305,410, accounting for 18% of the combined total. VanEck acknowledged the launch of its fund publicly and said that it offers the “only ETF providing focused exposure to ETH futures that is structured as a C-Corp.”

ProShares also has a notable presence with three separate ETFs that account for 31% of the overall volume. Bitwise accounted for 4% of all volume with just two funds. The two remaining funds, from Kelly and VolShares, had no measured volume.

Crypto ETFs are milestones despite low volume

Balchunas observed that the collective volume across all ETFs amounted to less than $2 million during the first few hours of trading. He called this “about normal for a new ETF” but observed that the volume is considerably lower than that of the ProShares Bitcoin Strategy ETF (BITO), which launched in late 2021. Balchunas said that this fund saw $200 million in volume during the first 15 minutes of trading.

Despite the seemingly modest appeal of the above ETFs, their approval is notable. Though certain asset managers took an interest in Ethereum futures ETFs this summer, VanEck and ProShares have sought permission for their respective Ethereum futures ETFs from the U.S. Securities and Exchange Commission (SEC) since at least September 2021. This means that the latest approvals are two years in the making.

As such, these new funds may pave the way for the approval of spot Ethereum and spot Bitcoin ETFs — the latter of which are expected to have the greatest appeal.