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Ethereum Spot Exchange-Traded Funds (ETFs) saw their first outflows after Donald Trump won the election. Likewise, the price of ETH struggled, staying around the $3,000 support level. This change shows a shift in how investors feel after a recent trend of more money flowing into these funds.
Selling Pressure Affected Ethereum’s Price
According to data from SoSoValue, US Spot Ethereum ETFs saw a combined outflow of $3.24 million, ending six days of inflows. The Grayscale Ethereum ETF was the main cause of these outflows, losing $22 million. However, BlackRock’s Ethereum ETF helped lessen the impact by bringing in $18.87 million inflows.
Furthermore, selling pressure has affected the Ethereum market, causing the price of ETH to drop by 6% in the last 24 hours. This decrease has erased over $22 billion from Ethereum’s market value, showing increased volatility due to political and market uncertainties.
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Ethereum’s drop to the $3,000 mark puts an important support level at risk. If it breaks below this level and stays there, it could lead to more selling by individual and institutional investors. On the other hand, if Ethereum holds at this level, it may show strong buying interest and could reverse the current downward trend.
The Bullish Outlook for Ethereum
Ethereum remains a key player in the crypto market despite recent price fluctuations. According to CoinMarketCap data, the digital asset is trading at $3,075.68, down by 1.99% in the past 24 hours. Despite the volatility in the crypto market, long-term investors remain undeterred.
Total Ethereum futures open interest is steadily increasing, indicating growing investor confidence. This trend signals potential support for Ethereum’s price to move upward. Analysts suggest that Ethereum could reach a new all-time high in the next phase of the bull run. Speculatively, this will be achieved by the growing whale accumulation and historical trends.
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Spot Bitcoin ETFs Records Inflows
Spot Bitcoin ETFs have been buzzing with activities lately, especially after the Federal Reserve announced the 50-basis-point rate cut on September 18. On September 27, the product recorded $495 million in inflows, reflecting the increasing demand for the offering amongst institutional investors. At the end of September, the total inflows had surged to over $1 billion.
Ark Invest’s ARKBled the pack with $203 million. Fidelity’s FBTC followed with $123 million in inflows, while BlackRock’s IBIT secured $111.7 million. According to data from Farside investors, these three ETF giants collectively pulled 6,661 Bitcoins from the market in a single day.
