NEW YORK, May 24, 2024 — Daily trading volume for Ethereum futures exchange-traded funds (ETFs) surged to a new all-time high on Tuesday, driven by growing anticipation of spot ETF approvals from the U.S. Securities and Exchange Commission.

On Tuesday, Ethereum futures ETFs recorded $47.75 million in trading volume, a 40% increase from the previous peak of $34.18 million set on March 5, when ether was nearing the $4,000 mark. This follows a significant $23.67 million spike on Monday.

ProShares' Ether Strategy ETF (EETH) led the category, contributing $43.14 million, or 90% of Tuesday's trading volume. VanEck's Ethereum Strategy ETF (EFUT) and Bitwise's Ethereum Strategy ETF (AETH) followed, with $2.6 million and $2.01 million in volume, respectively, according to data from The Block's dashboard.

Despite this record-setting volume, Ethereum futures ETFs, which launched in October 2023, still lag behind spot Bitcoin ETFs. Spot Bitcoin ETFs, which debuted in January, accumulated a combined $2.16 billion in trading volume on Tuesday, with BlackRock's IBIT leading at $1.12 billion.

Additionally, the discount to net asset value for Grayscale's Ethereum Trust (ETHE) narrowed to -6.7% on Tuesday, its lowest level in over two years. This narrowing discount suggests that investors are purchasing discounted shares in anticipation of a potential ETF conversion, similar to the trend observed with Grayscale's Bitcoin Trust (GBTC) before its conversion to an ETF on January 11.