Ethereum ETFs struggle with outflows, led by Grayscale’s significant $80.6M decline.
ETH outperforms Bitcoin with a 14% weekly rise, despite ETF outflows.
Ethereum (ETH), the second-largest altcoin, has garnered attention with its volatile performance. After hitting a 27-day high earlier this week, ETH has seen a modest decline of 0.97% in the past 24 hours. Despite this, it remains up 14% over the past seven days. However, community sentiment remains 74% bearish, raising concerns about Ethereum’s future trajectory.
A key factor fueling these concerns is the significant outflow from Ethereum ETFs. Since their debut on 23rd July, ETH ETFs have struggled to keep pace with Bitcoin counterparts. As of 23rd September, ETH ETFs recorded a cumulative outflow of $79.3 million—the largest single-day outflow since 29th July.
Meanwhile, Grayscale’s ETHE led these outflows, reporting a staggering $80.6 million decline. Other major ETFs, such as Blackrock’s ETHA and Bitwise’s ETHW, showed little to no inflows, with ETHW being the exception, posting a modest $1.3 million inflow. Overall, ETHE’s large outflow has tipped the net flows into negative territory.
In terms of total flow, Blackrock’s ETHA remains the leader with inflows of $1.03 billion, while Grayscale’s ETHE has seen outflows of $2.84 billion since its inception.
What Can Traders Expect From ETH?
Despite the ETF outflows, Ethereum itself has demonstrated resilience. On-chain data reveals increased activity among large holders, with transactions above $10 million growing by 21% over the past month. And the daily RSI stands at 51, showing that it is in a neutral position.
ETH Price Chart, Source: Sanbase
Technical indicators such as the Directional Movement Index (DMI) suggest continued bullish momentum. If demand holds, ETH could break resistance at $2,871 and push toward $3,104. However, slowing accumulation could lead to a drop in price to the support level of $2,582.
As Ethereum navigates these pivotal resistance levels, its ability to sustain momentum will be crucial. Traders and investors are closely monitoring for signs of continued strength or potential reversals in the coming days.
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