As a seasoned researcher with a deep understanding of the crypto market, I have witnessed numerous trends and patterns over the years. The recent net outflow of $152.3 million in nine newly approved Ethereum ETFs in the US within just three trading days is an intriguing development that warrants closer examination.
On the third business day following the approval of nine new Ethereum ETFs in the United States, these funds experienced a combined withdrawal of approximately $152.3 million, mirroring the preceding day’s pattern.
On Thursdays, only Grayscale Ethereum Trust (ETHE) experienced net redemptions, with a total of $346.22 million being withdrawn, as indicated in the most recent data from SosoValue. Contrastingly, other funds reported inflows.
BlackRock’s ETHA topped the list with $70.93 million in inflows, closely followed by Grayscale Ethereum Mini Trust with $58.09 million. Fidelity’s FETH and Bitwise ETHW came next, with respective inflows of $34.32 million and $16.34 million.
Furthermore, the VanEck ETHV fund saw a net inflow of $8 million, while Invesco’s QETH had inflows of $6.24 million. No new assets were added to the EZET and CETH funds managed by Franklin Templeton and 21Shares.
In contrast to recent declines, Ether’s price experienced a small increase of approximately 3% over the last 24 hours, reaching around $3,270. This improvement followed a day after the cryptocurrency touched a low point of $3,130, a level that experts had anticipated based on current market trends.
Comparing Bitcoin‘s price behavior after the introduction of its spot ETF, crypto analyst Miles Deutscher pointed out that Bitcoin dipped by approximately 20% within the first two weeks of trading. Subsequently, there was a significant surge of around 91% in Bitcoin’s price over the following 51 days.
Deutscher further expressed that these pullbacks can offer attractive purchasing chances for investors. He hinted that Ether’s recent price decrease might be a brief setback and could eventually result in significant profits in the upcoming period. Consequently, the present price level might be considered an advantageous entry point instead of a reason for worry.
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2024-07-26 14:18