The performance of US spot Ethereum exchange-traded funds (ETFs) on their first trading day was not encouraging, with a general downward trend observed. Among them, the Franklin Ethereum ETF saw the most significant drop at 4.1%. Following closely behind was the Vaneck Ethereum ETF, which declined by 1.3%, while the 21Shares Core Ethereum ETF, Nvidia Galaxy Ethereum ETF, and Fidelity Ethereum Fund witnessed drops of 4%, 4%, and 1.2% respectively. This phenomenon suggests that investor enthusiasm for Ethereum investment has cooled in the short term, and caution is advised.