As a seasoned researcher who has witnessed the crypto market’s ebb and flow for over a decade, I find myself intrigued by this recent development in Ethereum ETFs. The modest inflows on Sept. 10 might seem insignificant to some, but they signal a much-needed reversal of the eight-day outflow trend.
On the 10th of September, there was a total inflow of approximately $11.4 million into Ethereum Exchange-Traded Funds, as indicated by initial data from Farside Investors.
Despite being relatively modest, today’s inflow marks a turnaround from eight consecutive days of outflows in these institutional investment products. The last instance of such positive flows was observed on August 28.
On this particular day, only two funds – BlackRock’s ETHA and Fidelity’s FETH – experienced inflows of $4.3 million and $7.1 million respectively. All other funds, including Grayscale’s ETHE fund, did not see any flows for the day.
Ethereum ‘Bullposting’ Is Back
Although eight out of nine recently launched ETH ETFs experienced inflows, a total outflow of $562 million was recorded. This substantial outflow can be attributed solely to the significant withdrawal from Grayscale’s ETHE fund, which has seen nearly $2.7 billion in ETH depart since it transformed into a spot ETF on July 23.
Contrarily, there seems to be a marked reduction in these outflows lately, potentially reversing the overall trend for the collective. Moreover, sentiments towards Ethereum have plunged significantly of late, with the asset experiencing a 34% drop since the launch of the ETFs.
Despite this, those who trust in its fundamental concepts as a decentralized financial infrastructure for the web have not been discouraged.
Despite being in a great position right now, many people feel negatively towards Ethereum, and developer Eric Connor believes this is all part of a long-term plan.
Play short term games, win short term prices
Few can sustain a long-term strategy, yet Ethereum prevails over time due to our focus on long-term development.
A global financial settlement layer, something that has never existed before
ETH as its primary money
— eric.eth (@econoar) September 10, 2024
On September 11th, Marcel Burger, the head of Amdax Asset Management, admitted that the atmosphere or general feeling regarding their operations was less than ideal.
The negative buzz surrounding Ethereum has peaked at its highest point, which can be quite frustrating, as misleading stories tend to emerge when prices decline. This is particularly disheartening for projects that are fundamentally robust.
As a dedicated Ethereum investor myself, I’d like to echo the sentiments of Daily Gwei founder Anthony Sassano. Contrary to any doubts or uncertainties you might have heard, Ethereum is not grappling with an ‘identity crisis.’ Instead, it has been steadfast in its purpose for quite some time now. It knows exactly what it aspires to become, and that’s something truly exciting for us all.
“Ethereum is doing just fine as an ecosystem and keeps growing at a very nice pace.”
Even Ethereum co-founder Vitalik Buterin was ‘bullposting’ …
ETH bullposting is good
— vitalik.eth (@VitalikButerin) September 11, 2024
ETH Price Outlook
Nevertheless, the surge in bullish posting hasn’t been sufficient to lift ETH prices out of their current slump. In fact, ETH has dipped following a brief rally to around $2,400 at the end of trading on September 10th, and it has since declined over the past few hours.
During the Wednesday morning trade in Asia, the value of the asset dropped to approximately $2,330, marking a 7.5% decrease since the start of the current month. It’s currently lingering near levels last observed in early February that were considered relatively low.
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2024-09-11 11:13