Trading volumes for U.S. spot Ethereum exchange-traded funds (ETFs) surged to a record high as the cryptocurrency market reeled from a sharp decline following President Trump’s announcement of new trade tariffs over the weekend. The nine Ethereum ETFs saw $1.5 billion in trading volume on Feb. 3, marking a 23% increase from the previous record of $1.22 billion on Dec. 19, 2022, and surpassing the $1.11 billion volume on their launch day, July 23, 2022.
Leading the pack was BlackRock (NYSE:BLK)’s ETHA product, which accounted for $736 million of the total volume. Grayscale’s converted ETHE fund followed with $415 million, and Fidelity’s FETH registered $155 million in trades. These volumes reflect the ETFs’ market shares. Since their introduction, cumulative trading volume for U.S. spot Ethereum ETFs has nearly reached $22 billion.
The downturn in the crypto market was precipitated by President Trump’s trade policy, which outlined a 25% tariff on imports from Canada and Mexico and 10% tariffs on Canadian energy and Chinese goods. Ethereum experienced a significant drop, plunging around 36% to a low of approximately $2,100 on Monday from its Saturday high. Other cryptocurrencies, including Bitcoin and Solana, also suffered losses, with Bitcoin dipping over 10% before a partial recovery.
Despite the market turmoil, Ether has since rebounded to $2,819, a more than 30% increase from Monday’s low. This recovery coincided with news that the U.S. would pause tariffs on Mexico and Canada for a month following diplomatic talks. However, tariffs on Chinese products remain on course, prompting China’s finance ministry to announce retaliatory tariffs on U.S. goods starting from Feb. 10, which again affected the crypto market.
In contrast to the market’s volatility, U.S. spot Ethereum ETFs attracted significant net inflows on Monday, totaling $83.6 million, the most since Jan. 16. Fidelity’s FETH led these inflows with $49.7 million, followed by Grayscale’s ETHE and ETH products, and 21Shares’ CETH, which added $15.9 million, $12.8 million, and $5.2 million, respectively.
On the other hand, U.S. spot Bitcoin ETFs did not fare as well, with $6 billion in trading volume on Monday, falling short of the $9.5 billion seen on Jan. 23 and the peak of $9.9 billion on March 5, 2024. Since their launch in January 2024, cumulative Bitcoin ETF volumes have approached $725 billion. Unlike Ethereum ETFs, Bitcoin ETFs experienced $234.4 million in net outflows on Monday, marking the worst outflow since the market disruption caused by DeepSeek on Jan. 27.
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