Ethereum ETFs Hit Record Trading Volume Amid Market Turmoil

U.S. spot Ethereum exchange-traded funds (ETFs) surged to a record $1.5 billion in trading volume on Feb. 3, a 23% increase from the previous high of $1.22 billion on Dec. 19, 2022. This spike came as the crypto market reacted to President Trump's new trade tariffs, which sent Ethereum plunging nearly 36% to $2,100 before rebounding to $2,819.

BlackRock’s ETHA led with $736 million in trades, followed by Grayscale’s ETHE at $415 million and Fidelity’s FETH at $155 million. Since their launch, cumulative Ethereum ETF volumes have neared $22 billion.

The downturn was triggered by a 25% tariff on imports from Canada and Mexico and 10% tariffs on Canadian energy and Chinese goods. Bitcoin and Solana also faced losses, with Bitcoin dropping over 10% before partially recovering.

Despite market volatility, Ethereum ETFs saw $83.6 million in net inflows on Monday, led by Fidelity’s FETH with $49.7 million, followed by Grayscale’s ETHE and 21Shares' CETH. In contrast, U.S. Bitcoin ETFs recorded $6 billion in trading volume but suffered $234.4 million in net outflows, the worst since Jan. 27.

The U.S. has since paused tariffs on Canada and Mexico for a month, helping stabilize the market. However, China’s retaliatory tariffs, set for Feb. 10, could spark further volatility. Crypto investors remain watchful as Ethereum ETFs gain traction despite macroeconomic uncertainty.