US spot Ethereum ETFs appeared to begin trading with $10.36 billion already inside them, an opening balance large enough to resemble an institutional buying wave before the first full session ended.

However, almost all of that amount came from ETH that Grayscale’s older trusts already held, so the launch moved an existing pool into exchange-traded products, while a much smaller share came from the other issuers’ seed positions.

The same accounting issue appears in Solana funds, but on a smaller scale, with Farside Investors listing $449.3 million on the products’ seed row and assigning $102.7 million to the conversion of Grayscale’s earlier Solana trust.

Counting all of that money as “ETF demand” compresses inherited assets, launch…