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Ethereum

Spot Ethereum ETFs Breaks Nearly Two Weeks Downtrend With Positive Inflow, Price Spike Imminent?

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum, the second largest cryptocurrency asset, is currently in the limelight as crypto investors have recently demonstrated their renewed interest in and adoption of the historical Spot Ethereum Exchange-Traded Funds (ETFs). Millions of dollars were seen flowing into the products after the market concluded on Wednesday.

The inflow is considered a bullish indication for ETH, which suggests that despite recent market setbacks, crypto enthusiasts are becoming increasingly optimistic about the altcoin’s long-term potential.

Spot Ethereum ETFs See First Positive Inflow In Almost Two Weeks

On Wednesday, the spot Ethereum ETFs once again witnessed a positive capital inflow. The uptick in inflows comes after a period of outflows and stagnant activity, indicating a return of investors’ interest and confidence in the digital asset as it rebounds.

Related Reading: Spot Ethereum ETFs Are 1-Month Old – Here’s How They’ve Performed So Far

According to reports from Wu Blockchain, a popular cryptocurrency and blockchain media, the spot Ethereum ETFs recorded an overall daily inflow of over $5.84 million. This positive inflow marks its first positive trading in almost two weeks, particularly in the 9 days.

Data from popular media shows that Blackrock’s Ethereum ETF (ETHA) majorly contributed to the total inflow, with over $8.39 million in capital flowing into the funds. In addition, Fidelity ETH ETF (FETH) also recorded a positive capital flow, valued at about $1.25 million.

Other asset management company funds, such as Bitwise ETH ETF (ETHW), 21Shares ETH ETF (CETH), VanEck ETH ETF (ETHV), and Franklin ETH ETF (EZET), saw zero inflows. Meanwhile, Grayscale ETH ETF (ETHE) witnessed an outflow of capital, worth approximately $3.8 million.

Since both institutional and individual investors appear to be making a comeback to the market, the community speculates that this development may signal the start of Ethereum’s recovery phase.

Huge Sale From ETH Whales Amidst Spot ETFs Outflows

While the spot Ethereum ETFs displayed pessimistic sentiment, several ETH whales were also seen dumping the digital asset. Thousands of ETH were sold on a massive scale, which has caused quite a frenzy in the crypto community about its impact on its price.

Related Reading: Ethereum Foundation Calms Bearish Concerns, Explains Reason For $94 Million ‘Selloff

One of the most recent significant ETH sell-offs was carried out by the Ethereum Foundation, a nonprofit organization established to assist the ETH blockchain network and its ecosystem both financially and non-financially.

According to data from Spotonchain, the Foundation, in a strategic sale, moved over 35,000 ETH, worth $93.8 million, to the San Francisco-based crypto exchange Kraken on August 23. Meanwhile, a few days after the huge transaction, the price of ETH decreased by 9%.

Spotonchain highlighted that the Foundation has consistently moved Ethereum before major dumps in 2024. Despite these massive sales, the organization’s holdings still boast about 275,000 ETH, valued at a whopping $677 million.

Ethereum
ETH trading at $2,569 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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