🔥🔥🔥 #EthereumETFs record longest outflow streak, exchange net flow indicates mounting selling pressure
Ethereum ETF Outflows & Market Activity
Ethereum is seeing its longest streak of ETF outflows, totaling $38 million over five days. On Wednesday alone, outflows were $18 million, with Grayscale’s ETHE accounting for $31.1 million, pushing its total outflows above $2.5 billion. Meanwhile, Ethereum’s ETHA surpassed $1 billion in cumulative inflows but had no flows on Wednesday.
Exchange flows reveal rising selling pressure, with net inflows reaching 31K ETH, the highest since August 5. The 7-day average of net flows has been increasing since August 11. Vitalik Buterin emphasized Ethereum’s strong fundamentals, including improved staking decentralization, cross-L2 wallet UX, account abstraction, and advanced ZK tooling.
Technical Analysis
ETH is trading around $2,610, down 1% in the past 24 hours. The 200-day Simple Moving Average (SMA) is providing support, with resistance at $2,775. ETH’s Long/Short Ratio is 0.96, showing a dominance of sellers. Despite this, buying pressure from Coinbase & Ethereum Funds has kept prices stable. ETH is expected to remain range-bound with potential short-term rises to $2,666, potentially liquidating $65 million in positions.
Ethereum FAQs
1. What is Ethereum?
Ethereum is a decentralized blockchain with smart contract functionality, the second-largest cryptocurrency by market cap, known for its scalability & programmability.
2. What blockchain technology does Ethereum use?
Ethereum uses decentralized blockchain technology to enable the creation & deployment of self-executing smart contracts.
3. What is staking?
Staking involves locking assets to earn rewards rather than selling them, commonly used in Proof-of-Stake (PoS) blockchains.
4. Why did Ethereum shift from Proof-of-Work to Proof-of-Stake?
Ethereum transitioned to PoS to enhance security, reduce energy consumption by 99.95%, and improve scalability to handle up to 100,000 transactions per second.
Source - fxstreet.com
