US Ethereum ETFs Record First Consecutive Outflow Weeks Since April — What’s Happening?

The US-based spot Ethereum ETFs (exchange-traded funds) have registered a second consecutive week of capital ￰0￱ negative trend comes on the back of what has been a disappointing price performance by the second-largest cryptocurrency in ￰1￱ months of significant capital influx, the Ethereum ETFs seem to be in a cool-off period, with a shift in investor sentiment also seemingly in ￰2￱ Ethereum ETFs Post $93.6 Million Outflow According to the latest market data , the US Ethereum ETF market registered a daily total net outflow of $93.6 million on Friday, October ￰3￱ negative closing performance marked the third straight day of outflows for the crypto-linked investment products.

Interestingly, BlackRock’s iShares Ethereum Trust (with the ticker ETHA) was the only ETH exchange-traded fund that recorded a negative outflow on the ￰4￱ largest Ethereum ETF by net assets lost nearly $101 million in value to close the week. Meanwhile, Grayscale Ethereum Mini Trust (with the ticker ETH) was the only other spot ETH exchange-traded fund that saw any trading activity on ￰5￱ from SoSoValue shows that the Ether-linked investment product witnessed a capital influx of $7.4 ￰6￱ negative $93.6 million performance compounded what had been a disappointing week for the US Ethereum ETFs, growing the current outflow streak to three straight days.

Meanwhile, this daily performance brought the ETF’s weekly record to around $243.9 million total net outflow. What’s more worrying is that this is the second consecutive weekly outflow for the Ethereum ETFs for the first time since April, signaling reduced investor ￰7￱ for the exchange-traded funds, which has been quite a bright spot for Ethereum in recent weeks, seems to now be ￰8￱ Price Overview It is difficult to dissociate the performance of the US Ethereum ETFs from the price action of the underlying ￰9￱ direct relationship can be spotlighted from last week’s performance, as the price of Ethereum struggled to get going in the last seven ￰10￱ this sluggish condition has been a general concern for the crypto market, the large-cap assets seem to have it worse at the ￰11￱ Ethereum price, for instance, has particularly struggled to recover and hold above the psychological level of $4,000.

As of this writing, the price of ETH stands at around $3,950, reflecting a mere 0.7% leap in the past 24 ￰12￱ image from iStock, chart from TradingView