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Spot Ethereum ETFs See $104M Inflows Amid Market Volatility
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Spot Ethereum ETFs saw a tumultuous week with both inflows and outflows, reflecting mixed market sentiment. Despite volatility, the week ended with a net inflow of nearly $105 million, fueling discussions about Ethereum's potential rise toward $3,000.
Weekly ETF Flows
The week began strong on August 5, with $48.8 million in net inflows, led by BlackRock's $47.1 million. However, Grayscale's Ethereum Trust (ETHE) faced significant outflows of $46.8 million, balancing the optimism.
On August 6, ETFs saw $98.4 million in inflows, driven by BlackRock's $109.9 million. Yet, ETHE continued to struggle, with $39.7 million in outflows.
Midweek Outflows
By midweek, outflows began, with August 7 seeing a net outflow of $23.7 million, and August 8 continuing the trend with a $2.9 million outflow, despite BlackRock's positive inflows.
End-of-Week Summary
The week closed with a $15.8 million outflow on August 9, though the overall weekly inflow was $104.8 million, mainly due to BlackRock's contributions. Grayscale's ETHE suffered, with cumulative net outflows reaching $2.29 billion.
Ethereum's Price Outlook
Despite ETF volatility, Ethereum's price stayed between $2,300 and $2,650. Analysts note a growing divergence between Bitcoin, now seen as "digital gold," and Ethereum, which is losing its speculative appeal. As Ethereum hovers around $2,600, bulls may aim for $3,000, but technical indicators suggest selling pressure could push the price down to $1,830.
