The SEC has given approval to nine ETFs that track Ether cryptocurrency, following the launch of the first spot Bitcoin ETFs seven months ago. However, the new products did not perform well in their initial two days of trading, with all of them experiencing significant losses. Each ETF will monitor the spot price of Ether, which is the second-largest cryptocurrency in the world and the driving force behind the Ethereum blockchain. Despite expectations that the price of Ether would increase on the day the ETFs were launched, the market was not favourable to either the token or the ETFs, with Ether falling 4.4% on the first day of trading.