Ethereum exchange traded funds (ETFs) have recently attracted a lot of interest, particularly from BlackRock. Over the past few months, BlackRock has shown strong interest in Ethereum (ETH), the leading altcoin. This has prompted other big names in the crypto space to also increase their holdings of ETH.
See Also: The SEC Confirms Smooth Approval Process for Ethereum ETF
Recent Performance Of Ethereum Exchange Traded Funds
The performance of Ethereum exchange traded funds has been impressive, with BlackRock’s spot Ethereum exchange traded funds seeing nearly $900 million in inflows within just 11 days. For instance, on August 6th alone, the iShares Ethereum Trust recorded more than $100 million in new funds. This shows a growing interest in Ethereum ETFs among large institutions.
However, while BlackRock was buying ETH, GrayScale, which manages the largest Ethereum exchange traded funds, was selling some of its holdings. On August 9th, BlackRock’s inflows exceeded $12 million, while GrayScale saw outflows of about $20 million. Over the past week, the total net inflows into Ethereum exchange traded funds were positive, with roughly 31.5k ETH added. However, since these ETFs launched, there has been a net outflow of 124.2k ETH, according to data from Dune Analytics.
At the same time, ETH Whales increased their accumulation. , analysts noted that the amount of ETH held by top addresses rose sharply over the last month. Currently, these large holders own about 61.2 million ETH. Additionally, there has been a rise in large ETH transactions, which are typically made by these big players.
Analysts also looked at how these events are impacting ETH’s price. According to CoinMarketCap, the price of ETH has dropped more than 4% in the last 24 hours. Right now, ETH is trading at $2,543.14, with a market cap of over $305 billion.l
Some analysts have highlighted that ETH might see a surge in price after it tests its current pattern. However, before this retest, ETH could first drop to around $2,000 in the coming days or weeks, before potentially starting a longer-term price increase.
To see if this drop is likely, we’ve reviewed ETH’s daily chart and key indicators. At the moment, the Relative Strength Index (RSI) is at 35, which is below the neutral mark of 50, suggesting that ETH is currently in a bearish phase. The Chaikin Money Flow (CMF) is also trending downward, indicating that the price might continue to decline.
On a positive note, the Money Flow Index (MFI) is close to entering the oversold zone. If it does, there could be an increase in buying, which might help lift ETH’s price.
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