The launch of Ethereum ETF has been a dismay for the crypto community due to their underperformance and lower capital inflows. The newly launched Ethereum ETF has grabbed $1 billion of inflows in the first few days but it doesn’t make even 20% of the volume that BTC ETFs generated. Moreover, the massive dumping of Ethereum by the firm Grayscale has also led to high speculations.
While Ethereum price continues to face pressures amid declining Ethereum ETF hype, Arbitrum (ARB) and Polygon (MATIC) are poised for relatively better performance due to their network developments and surging demand.
Concerns Rise Over Ethereum ETF Amid Grayscale’s Outflows
In the first week after the launch of the Ethereum ETF, the Grayscale Ethereum Trust experienced outflows of $1.7 billion. This situation raises concerns about the demand for Ethereum ETF. Despite inflows in the other 8 firms, especially BlackRock and VanEck, the Grayscale ETHE continues to face substantial outflows, losing an additional $210.04 million recently.
These trendlines have damped the ETH ETF hype, raising questions about their market demand and future trendline. Some hope is still alive due to better performance by the other 8 firms with inflows in Ethereum ETF, projecting a mixed market sentiment for the emerging ETF sector and pushing several investors toward projects like Arbitrum (ARB) and Polygon (MATIC).
Arbitrum (ARB) Bulls Hold the Line at $0.7 Support
Arbitrum (ARB) is a layer-2 blockchain on the Ethereum network that can go sky-high if things turn out in favor of Ethereum ETF in the upcoming days. Arbitrum (ARB) has performed quite well in the first half of 2024 due to hype around L2 networks, recording a rise in total value locked (TVL) and network traffic.
In the current market, Arbitrum (ARB) bulls continue to defend the crucial $0.7 support level amid rising bearish pressures, following a 12% weekly decline. As per the reports, investors are accumulating large amounts of Arbitrum (ARB) tokens at lower entry points, evidenced by a 24% surge in on-chain traffic. Analysts anticipate a potential price rally for Arbitrum (ARB) in the upcoming days.
NFT Sales Can Propel Polygon (MATIC) Price to $0.54 Support
Polygon (MATIC) is a prominent layer-2 solution with industry-wide scope and a flexible framework for building multiple types of applications. Polygon (MATIC) is performing sluggishly due to rising bearish pressures at the crucial $0.51 resistance level. Polygon (MATIC) displays a 0.6% loss on the intraday chart, following a decline in active daily addresses.
The rising number of NFT sales on the Polygon (MATIC) blockchain can trigger a reversal for the crypto in the upcoming days. Despite an expected bearish momentum for Polygon (MATIC), analysts mark the crypto as a promising choice to buy at the current dips as a potential price breakout can trigger a rally beyond $0.54.
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