BlockBeats news, September 24, according to Coindesk, the U.S. Ethereum spot ETF has seen the largest single-day net outflow since its listing in July, with a single-day outflow of more than $79 million on Monday, indicating that institutional demand for Ethereum is weakening. Almost all of the outflows on Monday came from Grayscale's ETHE, and Bitwise's ETHW inflow was slightly more than $1.3 million. There was no inflow or outflow activity in other products. The disconnect between ETH price momentum and ETF outflows suggests that investors are still uncertain about the long-term growth prospects of the asset.
Peter Chung, head of research at Presto Labs, said that compared with Bitcoin's widely accepted "digital gold" narrative, Ethereum's "world computer" narrative is not so easy to resonate with traditional financial (TradFi) investors. Augustine Fan, director of SOFA.org, pointed out that although ETH rose due to the Fed's dovish stance, a large amount of ETF outflows showed that market sentiment was fragile. Independent market analyst Nick Ruck noted that the recent outflows may be related to general pessimism about Ethereum's growth prospects.
BlockBeats previously reported that the U.S. spot Ethereum ETF had a net outflow of $79.21 million on September 23.
