BlackRock’s Ethereum ETF Inflows Rise as GreyScale Exits; ETH Price Could Drop to $2K

In the competitive landscape of #Ethereum ETFs, BlackRock and GreyScale present an interesting dilemma. BlackRock’s ETF has attracted significant investor interest, with an impressive $900 million inflow over an 11-day period. The iShares Ethereum Trust alone saw over $100 million inflow on August 6.

This bullish trend contrasts sharply with GreyScale. During the same period, GreyScale, the largest holder of ETH ETFs, experienced significant outflows, with an outflow of $20 million on August 9. These moves highlight the changing dynamics of institutional interest in Ethereum.

Recent data has revealed a significant accumulation trend among Ethereum whales. According to Santiment, the supply of ETH held by top addresses has increased over the past month, reaching 61.2 million ETH. This accumulation increase is supported by an increase in large transactions, indicating increasing confidence in Ethereum’s long-term potential among large holders.

Ethereum’s price remains under pressure, falling more than 4% in the past 24 hours to $2,543.14 and a market cap of over $305 billion. Technical indicators are giving mixed signals. The Relative Strength Index (RSI) at 35 is showing a downtrend, indicating the potential for further declines. Similarly, the Chaikin Money Flow (CMF) is also in a downtrend, supporting this bearish outlook.

There are different views on Ethereum’s immediate future. Some analysts are pointing to a potential drop to $2,000 before a long-term rally. This hypothesis is supported by technical patterns such as an ascending triangle retest that could lead to significant price corrections. Conversely, the Money Flow Index (MFI) approaching the oversold zone could trigger buying pressure and potentially support the price recovery.

The contrasting #ETF flows between BlackRock and GreyScale, coupled with significant whale activity, paint a mixed picture for Ethereum’s future.