$ETH Ethereum falls below 3000, selling is about to calm down
On August 1, BlackRock's data was adjusted, and it did change from net outflow to net inflow, with a net inflow of 86 #ETH. But yesterday, the situation completely changed, because the rise in unemployment triggered the Sahm Rule, so many investors began to trade recession, not only in US stocks, but also in#Ethereumspot ETF.
The data shows that on the ninth working day after the ETF officially started, the net increase in holdings of BlackRock, Bitwise and even Grayscale's Mini ETF became zero, which is not comparable to #BTC, because the macro sentiment has changed greatly, and it is not meaningful to compare this. Compared with August 1, the net purchasing power of American investors has decreased by 94.25%.
In the past 24 hours, $ETHE continued to maintain net outflow, but only 25,045 ETH flowed out, and the selling volume was greatly reduced. The data for two consecutive weeks showed that Grayscale had a net outflow of 448,392 ETH in the first week, and a net outflow of 250,862 ETH this week, a decrease of 44.05%. At present, the total reduction of ETHE has exceeded 25%, and the selling of ETHE is likely to gradually stabilize.
In this process, although the purchasing power of American investors has also declined, and even the price of ETH has temporarily fallen below $3,000, except for ETHE, the other eight spot ETF funds have not experienced net outflows, which also shows that investors still have good expectations for the future of ETH.
This article is transferred from @PhyrexNi
The current price of ETH is 2970, which is really good, and the results of next week will basically come out.