Ethereum ETF Reaches $5.7 Billion in AUM, Europe Accounts for 81%

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3 Feb 2024

According to a Feb. 2 report by CoinGecko, the Ethereum ETF landscape now has total assets worth $5.7 billion, with Europe holding 81% of the total. Leading the pack is XBT Ethereum Tracker One (COINETH) with assets approaching $3.5 billion, making it the largest Ethereum ETF globally.
Its counterpart, XBT Ethereum Tracker Euro (COINETHE), comes in second with assets worth $511 million. Both ETFs, based on ETH futures, have been traded in Europe since their inception in October 2017, marking the birth of the ETH ETF in the world.
In Canada, the CI Galaxy Ethereum ETF (ETHX) stands out with over $478 million in assets, while Europe's 21Shares Ethereum Stake ETP (AETH) holds the title of second-largest spot ETH ETF, with $329 million. Launched in 2019, AETH is the first of its kind worldwide.
As a result, the global ETH ETF market is primarily concentrated in Canada and Europe, with the top 10 ETFs trading exclusively in these regions. The United States is close behind, with ETH ETFs taking 14th place or lower.
This gap has been attributed to the US Securities and Exchange Commission (SEC)'s hesitation in approving spot ETH ETF applications, sparking speculation as to whether the US can close this gap or not.

Overall, the Ethereum ETF is available in 13 countries and traded on seven markets. Brazil emerged as the third largest market, followed by the US, with smaller contributions from Hong Kong, Australia and Malaysia. The distribution of ETF types varies by region, with Europe offering both futures and spot ETFs, while other markets specialize in one type.
Globally, there are 27 active Ethereum ETFs, including spot and futures. Despite the diversity of offerings, the market is still dominated by a handful of key players, with the top 10 ETFs holding 96.4% of total assets. The landscape favors Ethereum futures ETFs, which account for 68.5% of total assets, double that of spot Ethereum ETFs.
The growth of Ethereum ETFs has seen significant growth in the crypto bull market in 2021, with 12 new launches across various regions. This trend continues, albeit at a slower pace, through 2022 and into 2023, with new ETFs emerging in markets including Malaysia, which introduced the Halogen Shariah Ethereum Fund (HALSETH ) in 2024.