According to PANews, the outflow of funds from the U.S. Ethereum ETF hit a record high since July, with more than $79 million outflow on Monday, indicating that institutional demand for Ethereum is weakening.
Almost all of the outflows on Monday came from Grayscale’s ETHE product, with Bitwise’s ETHW inflows slightly over $1.3 million. No other products saw inflows or outflows.
Peter Chung, head of research at Presto Labs, said Ethereum’s “world computer” narrative is less likely to resonate with TradFi investors than Bitcoin’s “digital gold” narrative.
Augustine Fan, director of insights at SOFA.org, noted that while ETH has risen on the back of the Fed’s dovish stance, large ETF outflows suggest fragile market sentiment.
Independent market analyst Nick Ruck noted that the recent outflows could be related to general pessimism about Ethereum’s growth prospects.
Earlier today, it was reported that the US Ethereum spot ETF had a total net outflow of US$79.2097 million yesterday, and the ETF net asset ratio reached 2.25%.
