Ether Exodus: A Billion Dollar Bet Against Trade War Fears?! 🤔

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Here’s the scoop:

  • A cool billion in ether fled centralized exchanges Monday.
  • Highest single-day outflow in over a year, folks!
  • Ether’s price? Almost as low as your Uncle Eddie’s jokes.

Ether, the second-largest cryptocurrency, took a nosedive Monday thanks to some trade war shenanigans. But fear not! Investors likely scooped up those discounted coins like hotcakes.

Analytics firm IntoTheBlock reports that nearly $1 billion in ether left centralized exchanges Monday. That’s the highest single-day net outflow since January 2024! According to them, traders were just taking advantage of the low prices to accumulate more ETH.

Ether’s price dropped to nearly $2,000 on some exchanges, but it’s back up to $2,800 now. Still, the mood remains gloomy, with data from UltraSound.Money suggesting that the Merge’s deflationary effect on ETH is unwinding.

Ether ETFs: A Record-Breaking Monday 📈

Ether ETFs saw record trading volume on Monday, with over $1.5 billion in shares changing hands. BlackRock’s iShares Ethereum Trust (ETHA) took half of that volume!

Despite the record trading, net inflows were just $83.6 million, with Fidelity’s Ethereum Fund (FETH) getting most of the love. ETHE, the largest fund, saw no net inflows on Monday.

And if that wasn’t enough excitement for one day, Eric Trump, the son of President Donald Trump, urged his followers to buy more ether. His tweet added fuel to the fire, causing ETH’s price to spike to nearly $2,900!

At the time of writing, ETH is trading at $2,780, up 3.5% from the day before. So, was this ether exodus a billion-dollar bet against trade war fears? Only time will tell!

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2025-02-04 19:26