The nine U.S. spot Ethereum (ETH) exchange-traded funds (ETFs) recorded an all-time high in trading volumes on Monday, February 3, as the crypto market experienced a sharp downturn. The surge in ETF activity coincided with a price collapse triggered by former U.S. President Donald Trump’s announcement of new trade tariffs over the weekend.
Record-Breaking Ethereum ETF Activity
According to The Block’s data dashboard, the U.S. spot Ethereum ETFs saw $1.5 billion in trading volume on Monday, marking a 23% increase from their previous record of $1.22 billion set on December 19. This surge surpassed even the funds’ launch-day volume of $1.11 billion on July 23.
Leading the pack was BlackRock’s ETHA ETF, which accounted for $736 million in trades, followed by Grayscale’s converted ETHE fund at $415 million. Fidelity’s FETH ETF also performed strongly, recording $155 million in trading volume. Cumulatively, U.S. spot Ethereum ETF volume has now reached nearly $22 billion.
Trump Tariffs Trigger Market Decline
The ETF trading boom came amid a broader market downturn spurred by Trump’s tariff plans. The former president proposed a 25% tariff on imported goods from Canada and Mexico, alongside 10% tariffs on Canadian energy and Chinese goods. The news sent shockwaves through financial markets, with Ethereum plummeting by 36% to a low of $2,100. Bitcoin (BTC) also dropped over 10%, while Solana (SOL) tumbled 24%. Even Trump’s own memecoin, along with others in the sector, suffered an average 40% decline, according to the GMCI Meme Index.
Ethereum’s Swift Rebound
Despite the market turmoil, Ethereum rebounded more than 30% to trade at $2,819 by Tuesday, buoyed by reports that the U.S. had agreed to delay new tariffs on Mexico and Canada for a month. However, tariffs on Chinese goods remain set for February 10, with China vowing retaliatory measures, including increased tariffs on coal, liquefied natural gas, crude oil, and machinery.
Unlike Ethereum ETFs, U.S. spot Bitcoin ETFs experienced $6 billion in trading volume on Monday, a notable decline from the $9.5 billion recorded on January 23 and the March 5 peak of $9.9 billion. More concerning for Bitcoin investors was the $234.4 million in net outflows—the worst single-day loss since January 27’s DeepSeek-fueled market turbulence.
Despite market volatility, Ethereum ETFs demonstrated resilience with record-breaking trading volumes and strong net inflows of $83.6 million on Monday. Fidelity’s FETH led with $49.7 million in inflows, followed by Grayscale’s ETHE and 21Shares’ CETH. Meanwhile, Bitcoin ETFs faced a contrasting fate, experiencing significant outflows as investor sentiment wavered.
Also Read: Ethereum Struggles Below $2,700 as $2,665 Support Faces Critical Test
With geopolitical tensions and trade policies shaping market dynamics, Ethereum’s ETF dominance underscores growing institutional interest—even amid uncertainty.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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