Last week's ETF data wasn't great, let's stick with spot ETH. Last Friday wasn't the worst day in history, but it was indeed the day with the largest single-day reduction by BlackRock, which sold nearly 30,000 ETH. The combined reduction from Grayscale's two funds also exceeded 18,000 ETH. Although only these three entities reduced their holdings, the total approached 50,000 #ETH.
Among U.S. institutions, only Fidelity and VanEck have a combined increase of over 5,000 ETH, while others are at zero. From the data perspective, it's quite grim, especially with BlackRock, which has been buying heavily, showing such a large sell-off. Many investors are feeling quite down, but if we look at BlackRock's current holdings, they held a total of 1,047,490 ETH last Thursday, reducing their holdings by 29,988 ETH, which is equivalent to a reduction of 2.86% of their total, not too much.
Moreover, looking at the weekly data, BlackRock still increased its holdings by 33,923 ETH in the twenty-second week, so the data isn't too scary. Of course, if there are such reductions every day consecutively, that would indeed be a problem, but Christmas is coming soon, and the selling might decrease.
As for Grayscale's $ETHE, there's still 1,421,790 ETH left to sell.
From the weekly data, the figures for the twenty-second week are not good, being the lowest of the past four weeks. The net buying power of U.S. investors decreased by 71.5% compared to the twenty-first week. It seems that investor sentiment has reached its nadir. Now, let alone FOMO sentiment, after the Federal Reserve's blow, investor confidence needs to be rebuilt, which likely won't happen until after January next year.