After the approval of the Spot ETF, 160,930 Ethereum entered Coinbase in 2 days: the usual suspect Grayscale.
Grayscale, which made net sales of $811 million in the first 2 trading days, seems to be the usual suspect behind these large Ethereum inflows.
When we examine the Ethereum netflow data of the last 48 hours, we can see that 47,811 Ethereum also exited the Coinbase exchange. However, the net inflows of approximately 113,119 Ether created significant selling pressure. Following this situation, the price of Ether dropped by 12% to $3,102.
The Ethereum Netflow data may be a leading indicator of whether Grayscale's Spot ETF, ETHE, will continue to exert selling pressure for a while longer.
Written by burakkesmeci
