Spot Ether ETFs Experience Outflows
Spot Ether exchange-traded funds (ETFs) wrapped up the week with outflows after nearly two weeks marked by significant inflows.
On Friday, US-spot Ether (ETH) ETFs recorded outflows of $59.3 million, bringing their eight-day inflow streak to a close, which had accumulated roughly $3.7 billion for the products, according to data from Farside.
This follows Ether’s recent performance, falling just 1.94% short of reaching its 2021 all-time high of $4,878 on Thursday, before retracing down to $4,448 at the time of this publication, based on information from CoinMarketCap.
The conclusion of this eight-day inflow streak serves as an important indicator for Ether traders, who will likely monitor ETF flows in the upcoming weeks—as well as any updates regarding Ether treasury firm purchases—to determine if Ether can once again achieve its 2021 all-time highs.
Some analysts believe that ongoing ETF inflows are essential for Ether to reclaim its previous all-time highs.
Nansen analyst Jake Kennis recently commented, “The rally will hold as long as the flows and narrative remain strong.”
Crypto trader Langerius suggested that if the consistent weekly inflows persist, an Ether price of $10,000 could be on the horizon.
Meanwhile, crypto trader Merlijin The Trader remarked on Thursday, “ETF inflows just went vertical. This is what institutional FOMO looks like.”
However, the sentiment platform Santiment indicated that crypto traders are exhibiting “not as much bullishness” for Ether on social media compared to Bitcoin, which could historically suggest that Ether may slightly outperform Bitcoin in the short term.
Related Insights: Ether Unstaking Queue Hits $3.8B
Cointelegraph recently reported that the increasing queue of unstaked ETH could indicate that significant profit-taking is on the horizon.
The Ethereum staking ecosystem reached new heights this week, with 877,106 Ether valued at $3.88 billion currently queued for withdrawal.
DeFi analyst Ignas noted that the recent accumulation and buying strength from Ether treasury firms and spot Ether ETFs are absorbing much of the selling pressure.
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