This column was co-written by Frank Chaparro, director of special projects at The Block, and Laura Vidiella of MNNC Group. The views expressed in this column are their own and do not reflect the opinions of their employers.

The Ether ETFs have arrived. The market debut of the new funds tied to the second-largest cryptocurrency saw volumes exceed $1 billion, about 23% of the volumes seen during the first day spot Bitcoin ETFs hit the market earlier this year. In terms of total flows, ETH flows were about 16% of Bitcoin flows.

At this point, it is almost clichéd to say that the launch of spot ETF funds for ether is a truly historic moment for the asset and marks its further institutionalization. As we have often pointed out in this column, the flow gods can giveth, and they can also …