Ethereum

bullish

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Ethereum ETFs have been experiencing consistent outflows, with Grayscale’s ETHE leading the trend.</li>
 <li>Despite these outflows, the Ethereum price has shown resilience and maintained a bullish momentum.</li>
</ul>
<h2 id="ethereum-etfs-struggle-with-outflows">Ethereum ETFs Struggle with Outflows</h2>
<p>Since their launch on July 23rd, Ethereum ETFs have struggled to match the performance of their Bitcoin counterparts. <br> They have been consistently experiencing outflows rather than steady growth.</p>
<h2 id="outflows-and-community-concerns">Outflows and Community Concerns</h2>
<p>As of September 23rd, there has been a cumulative outflow of $79.3 million from Ethereum ETFs. <br> This is the largest single-day outflow since July 29th and has raised concerns within the crypto community about the future of Ethereum.</p>
<p>Grayscale’s ETHE has been the main driver of these outflows, recently recording a significant outflow of $80.6 million. <br> In contrast, Blackrock’s ETHA and other Ethereum ETFs reported zero inflows during this period. <br> The exception is Bitwise’s ETHW, which managed a modest inflow of $1.3 million.</p>
<h2 id="examining-the-data">Examining the Data</h2>
<p>Most Ethereum ETFs have consistently posted zero flows, with occasional inflows from ETHA and Fidelity’s FETH and ETHW. <br> However, the heavy outflow from ETHE has tipped the overall net flows into negative territory.</p>
<p>As of September 23rd, ETHW’s net purchases totaled $320 million, with its Ether holdings exceeding 97,700 coins. <br> These coins are valued at around $261 million at current market prices.</p>
<p>Since its inception, Blackrock’s ETHA has been the leading Ethereum ETF in terms of inflows, accumulating a total of $1,039.6 million. <br> In contrast, Grayscale’s ETHE has faced significant challenges, with a massive outflow totaling $2,848.4 million.</p>
<h2 id="community-reactions-and-eth-price-resilience">Community Reactions and ETH Price Resilience</h2>
<p>These dynamics have led to divergent investor sentiment within the Ethereum ETF landscape. <br> Some investors suggest a rotation out of Ethereum-focused ETFs.</p>
<p>Despite the ETF outflows, the price of <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> demonstrated resilience on September 23rd, rising by 3.02% to trade at $2,656.39. <br> However, as per CoinMarketCap, Ethereum was down by 0.75%, trading at $2,635.08 at press time.</p>
<p>The RSI remained above the neutral level at 59, signaling that bullish momentum continues to dominate despite short-term pullbacks. <br> These minor declines are likely temporary and do not overshadow the broader positive outlook for Ethereum.</p>

Major One-Day Withdrawal in Ethereum ETFs Sparks Investor Anxiety

Table of Contents

CoinEagle.com

Other articles published on Sep 24, 2024

SEC Accuses TUSD of Fraudulent Activities

Regulatory Scrutiny Intensifies in the Cryptocurrency Sector

Sky Protocol’s Recent Proposal Could Impact $200M Loans Backed by Wrapped Bitcoin: Report

Kraken completes acquisition of Coin Meester B.V. (BCM)

US Lawmakers Urge SEC to Repeal SAB 121 Amid Cryptocurrency Custody Concerns

3 Solana Based Coins to Buy to Turn $100 to $10000 in October

Join our free newsletter for daily crypto updates!