The Ether price has been in a significant downtrend despite the historical launch of the first spot Ether exchange-traded funds (ETFs) in the United States.
During the past month, the price of Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null">ETH</a>) fell over 26% to trade at $2,572 as of 10:11 am UTC on Aug. 19, according to Cointelegraph data.
<figure>
 <img alt="Ether price drops 26% since ETF launch as supply increases by 60,500 ETH" name="" src="https://s3.cointelegraph.com/uploads/2024-08/Screenshot%202024-08-19%20131151">
 <figcaption style="text-align: center;">
 ETH/USD, 1-month chart. Source: Cointelegraph
 </figcaption>
</figure>
Despite the much-awaited launch of the first spot Ether ETFs, the historical debut has not bolstered Ether’s price.
Moreover, ETFs could be a significant reason behind Ether’s price decline since the US ETH ETFs recorded a cumulative $420.5 million worth of net outflows since launch, creating significant additional selling pressure, <a data-ct-non-breakable="null" href="https://farside.co.uk/eth/" rel="nofollow noopener" target="_blank" text="null">according</a> to Farside Investors data.
<figure>
 <img alt="Ether price drops 26% since ETF launch as supply increases by 60,500 ETH" name="" src="https://s3.cointelegraph.com/uploads/2024-08/Screenshot%202024-08-19%20131536">
 <figcaption style="text-align: center;">
 Spot Ether ETF flows (US dollars, million). Source: Farside Investors
 </figcaption>
</figure>
Investors anticipated a significant price increase from the launch of the Ether ETFs. For Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>), ETFs accounted for about <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment" rel="null" target="null" text="null">75% of new investment</a> in the cryptocurrency by Feb. 15 as it surpassed the $50,000 mark.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/institutional-bitcoin-etf-adoption-rises-q2" rel="null" target="null" text="null">Institutional adoption of Bitcoin ETFs surges 27% in Q2</a>
<h2 id="ether-supply-increased-by-60-555-eth-since-eth-etfs-launched">Ether supply increased by 60,555 ETH since ETH ETFs launched</h2>
Ether’s growing supply could also have contributed to the price decline.
Since the launch of the spot Ether ETFs, which <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/grayscale-transfers-1b-eth-coinbase-ahead-ether-etf-launch" rel="null" target="null" text="null">debuted for trading on July 23</a> in the US, the Ether supply rose by 60,555 ETH, worth over $155 million at the time of writing, <a data-ct-non-breakable="null" href="https://ultrasound.money/" rel="nofollow noopener" target="_blank" text="null">according</a> to Ultrasound.money data.
<figure>
 <img alt="Ether price drops 26% since ETF launch as supply increases by 60,500 ETH" name="" src="https://s3.cointelegraph.com/uploads/2024-08/Screenshot%202024-08-19%20133605">
 <figcaption style="text-align: center;">
 Ether supply change. Source: Ultrasound.money
 </figcaption>
</figure>
This puts Ether’s supply growth rate at 0.61% per year for the past 30 days, with a yearly issuance rate of 940,000 Ether and a burn rate of 203,000.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-70k-ethereum-4k-altseason-solana-250" rel="null" target="null" text="null">Bitcoin needs to breach $70K, ETH $4K, for altseason start — Arthur Hayes</a>
<h3 id="ether-price-has-been-struggling-since-the-dencun-upgrade-cryptoquant">Ether price has been struggling since the Dencun upgrade — CryptoQuant</h3>
Ethereum’s biggest upgrade since the Merge, the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dencun-upgrade-live-ethereum-mainnet" rel="null" target="null" text="null">Dencun upgrade, went live on the mainnet</a> on March 13, promising to significantly reduce the transaction fees of layer-2 networks and enhance Ethereum’s overall scalability.
However, the Ether price has been struggling since the Dencun upgrade, according to an Aug. 19 X post by onchain analytics firm CryptoQuant:&nbsp;
<blockquote>
 “Despite the approval of Ethereum ETFs, the price of $ETH has been struggling since the Dencun upgrade. ETH supply has increased by more than 197,000 ETH, and its price has fallen by 35%.”
</blockquote>
However, Ether price could be set for a breakout in the first quarter of 2025, based on historical chart patterns, according to popular crypto trader Ted, who <a data-ct-non-breakable="null" href="https://x.com/TedPillows/status/1822727411756400730/photo/1" rel="null" target="null" text="null">wrote</a> in an Aug. 11 X post: 
<blockquote>
 “The consolidation breakout will happen in November/Dec 2024, while the parabolic run will start in Q1 2025.”
</blockquote>
<figure>
 <img alt="Ether price drops 26% since ETF launch as supply increases by 60,500 ETH" name="" src="https://s3.cointelegraph.com/uploads/2024-08/GUug6a6WwAA8r0t">
 <figcaption style="text-align: center;">
 BTC/USD, 1-week chart. Source: Ted
 </figcaption>
</figure>
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-price-prediction-ethereum-altcoins-crypto-trader-roman-hall-of-flame-cointelegraph/" rel="null" target="null" text="null">Ethereum price will lag for ‘months’ as Bitcoin surges: X Hall of Flame, Roman</a>

Ether price drops 26% since ETF launch as supply increases by 60,500 ETH

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