Volume has been astronomical in Canadian crypto ETFs after the launch of Ether ETFs on Tuesday.

Bloomberg senior ETF analyst Eric Balchunas posted a screenshot to his Twitter feed on Tuesday that revealed one-third of the 25 most actively traded ETFs on the Toronto Stock Exchange were cryptocurrency funds.

Balchunas ETF Screenshot

Source: Eric Balchunas, Bloomberg

The Purpose Bitcoin ETF, Canada’s first-to-market Bitcoin ETF that launched in February, was the most actively traded crypto ETF. Its non-currency-hedged share class (BTCC.B) had the sixth highest volume of any ETF on the TSX, followed by the fund’s U.S. dollar-denominated share class (BTCC.U), in the 12th highest volume slot. The fund’s currency-hedged share class, BTCC, was the 23rd most actively traded class.

Meanwhile, the CI Galaxy Ethereum ETF was the most heavily traded of the three new Ethereum ETFs. ETHX.B, traded in Canadian dollars, saw the 11th highest trading volume of the day, with the U.S. dollar-denominated share class, ETHX.U, not far behind with the 16th highest volume.

The Purpose Ether ETF, Purpose’s sister fund to BTCC, also saw high volumes, with the Canadian dollar share class, ETHH; the non-currency-hedged share class, ETHH.B; and the U.S. dollar-denominated ETHH.U a share class trading with the 20th, 21st, and 22nd highest volumes, respectively.

Collectively, reported Balchunas, these eight share classes already exhibited higher trading volume than the largest ETF trading in Canada, the $9.8 billion iShares S&P/TSX 60 Index ETF (XIU.CN).

Quick takeaway: Sht [sic]is gonna get crazy when they approve these things in the US,” he added in a later tweet, referencing the eight applications still sitting before the SEC.

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