- BlackRock recorded a $19.7 million outflow from its spot Ethereum ETF, marking its first outflow after 30 days of gains.
- This was the largest daily outflow among all Ethereum ETFs, leading to a total net outflow of $11.3 million for the market.
- Grayscale saw an inflow of $6.6 million, partly balancing the market-wide outflows.
- Ethereum traded at $2,442.95, down more than 4% in the last 24 hours, as volatility impacted the cryptocurrency sector.
- Technical indicators showed Ethereum trading below its 50-day moving average but above its 200-day moving average, signaling weak short-term momentum.
BlackRock sold a significant portion of its Ethereum holdings on June 20, signaling a shift from its recent buying activity. The company’s spot Ethereum ETF experienced a $19.7 million outflow, ending a streak of 30 straight days with incoming investments.
This outflow represented the largest single-day loss among all Ethereum Exchange Traded Funds (ETFs). Combined with other market moves, the total net outflow for Ethereum ETFs reached $11.3 million for the day. Grayscale offset part of this figure with an inflow of $6.6 million.
Despite recent outflows, BlackRock remains the market leader in Ethereum ETFs, attracting over $5.2 billion since its fund launched. Days prior had seen much larger inflows, some over $100 million. Combined, Ethereum ETFs have raised approximately $9.5 billion industry-wide, with firms like BlackRock, Fidelity, and Grayscale at the forefront.
The latest activity reflects greater caution by institutional investors as volatility increases, influenced in part by ongoing Middle East geopolitical tensions.
At the time of measurement, ethereum’s price stood at $2,442.95, reflecting a daily decline of 4% and a weekly dip of 3.7%. Analyst RLinda noted on June 21 that Ethereum was testing a crucial support level at $2,391. She asserted that "continued pressure around this level could lead to a breakdown, potentially pushing ETH to around $2,323."
Currently, Ethereum is trading below its 50-day simple moving average (SMA) of $2,497.15, but stays above its 200-day SMA of $2,377.48. (An SMA is an average of closing prices over a set number of days—a measure of trends.) The 14-day Relative Strength Index (RSI), which gauges if an asset is overbought or oversold, sits at 43, indicating neutral conditions.
These developments suggest uncertain short-term momentum for Ethereum, while long-term trends remain slightly positive.
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