Ethereum

Burn

BlackRock

This week, the spot Ethereum ETFs have witnessed volatile flows with Grayscale and BlackRock dominating a majority of this activity. Yesterday, August 1, the total outflows from the Grayscale Ethereum ETF (ETHE) surged past $2 billion. Thus, within just eight trading sessions, the ETHE AUM has tanked by 22% and is currently just above $7 billion. 
<h2 id="grayscale-ethereum-etf-outflows-subside">Grayscale Ethereum ETF Outflows subside</h2> 
The good thing is that the outflows from the Grayscale Ether ETF (ETHE) have been on a decline. On Thursday, August 1, ETHE’s net outflow stood at $78 million, thereby dropping under $100 million for the first time since inception. The Grayscale Ethereum mini-ETF (ETH) is compensating for some of the outflows, with more than $200 million in inflows so far. 
A day before on Wednesday, the <a href="https://coingape.com/ethereum-etf-outflows-top-77m-after-fomc-meeting-whats-next/" target="_blank" rel="noopener">spot Ether ETF</a> flows turned negative after the Federal Reserve kept interest rates unchanged citing the possibility of a September rate cut. However, it flipped into positive territory on Thursday, August 1. 
Also Read: <a href="https://coingape.com/bank-of-england-interest-rate-cut-first-time-in-4-years-bitcoin-recovery-soon/" target="_blank" rel="noopener">Bank of England Cuts Interest Rate First Time in 4-Years, Bitcoin Recovery Soon?</a> 
The spot Ethereum ETFs clocked net inflows of clocked inflows of $26 million yesterday. BlackRock Ether ETF (ETHA) saw inflows to the tune of $89.6471 million. As a result, BlackRock ETHA’s net inflows since inception have crossed $710 million. Fidelity’s FETH recorded minor inflows of around $11.4 million. 
<h2 id="ethereum-whale-activity-spikes-with-eth-volatility">Ethereum Whale Activity Spikes With ETH Volatility</h2> 
The Ethereum blockchain witnessed strong whale activity recently as the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">ETH price</a> flirts around $3,165 levels. 
Explaining the reason behind the recent <a href="https://coingape.com/markets/bitcoin-ethereum-ripple-price-analysis-heres-what-to-expect-in-august/" target="_blank" rel="noopener">ETH price drop</a>, Lookonchain stated that three wallets associated with Elwood have collectively deposited a total of 19,500 ETH, valued at $64 million, on crypto exchange binance in the last two days. As per Lookonchain, these wallets have a history of depositing ethereum to Binance, just before the crash. 
<blockquote class="twitter-tweet"> 
 Who dumped <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> causing the price to drop? 
 We noticed 3 wallets related to <a rel="nofollow" href="https://twitter.com/hashtag/Elwood?src=hash&amp;ref_src=twsrc%5Etfw">#Elwood</a> deposited 19,500 <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($63.66M) to <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> in the past 2 days! 
 Coincidentally, these wallets deposited <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> to <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> every time before the price crashed!<a rel="nofollow" href="https://t.co/ME12Up3BIL">https://t.co/ME12Up3BIL</a> <a rel="nofollow" href="https://t.co/9dEbivNWrZ">pic.twitter.com/9dEbivNWrZ</a> 
 — Lookonchain (@lookonchain) <a rel="nofollow" href="https://twitter.com/lookonchain/status/1819077301499580509?ref_src=twsrc%5Etfw">August 1, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Furthermore, as per data from Greeks.Live, a total of 180,000 Ethereum options are set to expire today with a put-call ratio of 0.55, a notional value of $600 million, and a max pain point of $3,300. 
Also Read: <a href="https://coingape.com/shiba-inu-coin-shib-burn-rate-rockets-2600-fueling-recovery-speculations/" target="_blank" rel="noopener">SHIB Burn Rate Rockets 2600% Fueling Recovery Speculations</a> 
The post <a href="https://coingape.com/grayscale-ethereum-etf-outflows-cross-2-billion-more-pain-ahead/">Grayscale Ethereum ETF Outflows Surge Over $2 Billion, More Pain Ahead?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Grayscale Ethereum ETF Outflows Surge Over $2 Billion, More Pain Ahead?

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