Important numbers and points from the second day of trading in spot Ethereum ETFs.

1. Trading volume is again more than $1 billion, specifically $1.05 billion.

2. The day closed with a net outflow of -$133.16 million;#Grayscalesales volumes were not absorbed this time. Net inflow excluding withdrawals from the Grayscale fund - $363.69.

Compared to yesterday, BlackRock let us down. Details:

--#ETHEfrom Grayscale: -$326.9M.

--#ETHAfrom BlackRock: +$17.4M.

--#ETHWby Bitwise: +$29.6M.

--#FETHfrom Fidelity: +$71.5M.

--#ETHfrom #Grayscale: +$45.9M.

--#EZETfrom #FranklinTempleton: +$3.9M.

--#ETHVfrom #VanEck: +$19.8M.

--#CETHfrom #21Shares: 0. 

--#QETHfrom #Invesco: +$2.5 million.

❗️3. Grayscale is currently draining#ETHat a much faster rate than #BTC. In two days they have already lost almost 1/10 of their fund, specifically 9%. Currently they have $8 billion worth of#ETHleft in #ETHE. If the pace continues, the pressure on the#ETHprice will exhaust itself much faster. Literally in the first weeks of trading. Also an interesting point - the second Grayscale fund, Ethereum Mini Trust, bought three times more ETH today than yesterday. And more than BlackRock and most others.#2in terms of purchase size after Fidelity. Not so "mini".

4. The BlackRock fund already has 84,850#ETHworth $287.322 million on its balance sheet.

Analysts at 10x Research believe that the sell-off of#ETHafter the launch of the ETF largely repeats the pattern of behavior of players in the Bitcoin ETF.#10xResearchnoted that many players expected Ethereum ETFs to capture 20% of Bitcoin ETF inflows. At the same time, the “sell the news” trading rule was underestimated, as was the strength of the outflow from Grayscale.#10xResearchConclusion - A quick sale indicates a lack of confidence in sustainable growth.

Against the backdrop of this news, the market sank significantly. Liquidations of long positions on the crypto market in 24 hours - $292.88 million, of which long positions - $266.74 million.

Specifically, the price of#ETHfollowed the forecast correction in wave C, but much stronger than we expected. Perhaps the sentiment of the bulls was also influenced by the correction of fintech shares in the US after the already published (and largely unsuccessful) company reports for the second quarter.

The#ETHprice, unlike the#BTCprice, broke through all significant supports on the hourly timeframe and the fall stopped only at the EMA 200 of the daily timeframe. Currently the price is locally moving sideways between volume levels of $3,114 and $3,221. If today or tomorrow the level of $3,114 and EMA 200 of the daily TF are held, we expect the correction and range to end before the end of the month. Consolidation for the next 4-6 days.

Quite locally - in the coming hours we are waiting for the start of a rebound and by the end of the day we are waiting for a test of the breakdown of the volume level of $3,221. But we don’t expect that consolidation above it will be successful. For a reversal and restoration of positions, the important level now is $3,350.