Skip to content

Ethereum selling spree ‘almost over’ with 80% ETH outflow drop

Ethereum selling spree 'almost over' with 80% ETH outflow drop

Ethereum (ETH) price is down nearly 15% since the exchange-traded funds (ETFs) first trading day on July 23. Grayscale’s Trust (ETHE) registered over $2 billion in outflows, creating a relevant selling pressure that could now be “almost over.”

Notably, Grayscale, a leading cryptocurrency asset manager, currently offers two Ethereum spot ETFs: ETHE and the Mini Trust (ETH). The former, however, is being heavily sold due to its higher fees in comparison to the growing competitors.

However, Arkham Intelligence reported a massive 80% drop in ETHE outflows during the week, suggesting “the selling is almost over.” The report shows a 108,800 ETH outflow on Monday against a 24,900 ETH outflow on Friday.

Ethereum spot ETF net flow

Finbold retrieved data from CoinGlass on August 3, highlighting the flow of all ETH ETFs trading in the United States. Overall, Grayscale’s ETHE registered $2.12 billion outflows, while the other eight trusts had $1.60 billion inflows.

BlackRock’s (NYSE: BLK) iShare Ethereum Trust (ETHA) leads the pack with over $700 million net inflow. It is followed by Fidelity (FETH) and Bitwise (ETHW) with $297.10 million and $287.90 million, respectively.

Such a massive selling spree from Grayscale has resulted in a negative net inflow of $511.20 million despite all the other funds being heavily buying Ethereum’s native token.

Total Ethereum Spot ETF Net Inflow USD. Source: CoinGlass

Ethereum (ETH) price analysis

As of this writing, ETH trades at $2,986, testing strong yearly support while still up 31% year-to-date. This impressive performance has attracted institutional and retail investors to the Ethereum ecosystem, now waiting for a breakout upwards.

Ethereum (ETH) year-to-date price chart. Source: Finbold

Whether ETH will manage to bounce back from support or not will depend on the micro and macroeconomics surrounding cryptocurrencies. Interestingly, winning Ethereum traders have been showing optimism, accumulating millions of dollars of the token, as reported by Finbold.

Grayscale’s selling spree could have significantly impacted this cryptocurrency’s price. Therefore, this pressure coming to an end could work favorably for Ethereum, possibly triggering the so-awaited bull run.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.