- U.S.-listed spot Ether exchange-traded funds (ETFs) recorded five consecutive days of net outflows while Ether’s price dropped 10% this week.
- Spot Ether ETFs saw $248 million in outflows on Friday and $796 million for the week.
- Ether’s price traded around $4,013, marking a 10.25% decline in seven days and over 12% in the past month.
- Outflow streaks come amid low retail interest and ongoing uncertainty about U.S. approval for staking within Ether ETFs.
- Bitcoin ETFs also posted net outflows during the same period, but analysts describe their overall performance as strong and unprecedented.
U.S.-listed spot Ether (ETH) exchange-traded funds (ETFs) reported five straight days of net outflows as the price of Ether fell sharply this week. According to Farside data, these ETFs ended the week on Friday with $248 million leaving the funds, totaling $796 million in net outflows over five days.
Ether’s price dropped 10.25% over the past week, trading at $4,013 at the time of writing, based on Ethereum/” rel=”noopener nofollow” target=”_blank”>CoinMarketCap data. Over the last 30 days, Ether lost more than 12% of its value.
This marks the first time since early September that spot Ether ETFs have seen five days of consecutive outflows. At that point, Ether’s price was about $4,300. Crypto analyst Bitbull commented on social media that this pattern “is a sign of capitulation as the panic selling has been so high.”
Retail trading in Ether appears to be slowing, with negative net taker volume on Binance over the past month signaling ongoing sell pressure, according to CryptoQuant data. Meanwhile, the industry is waiting for a decision from the U.S. Securities and Exchange Commission regarding the approval of staking features for Ether ETFs, which would allow investors to earn rewards by holding and validating transactions. Grayscale was reported to be preparing to stake some of its Ether holdings, signaling possible confidence in upcoming regulatory approval.
Spot Bitcoin (BTC) ETFs also saw net outflows of $898 million during the week. Bitcoin’s price declined 5.28%, trading at $109,551 at the time of reporting. ETF analyst James Seyffart stated in a recent podcast, “The amount of money that has come in here is unlike anything we have ever seen.” Seyffart noted that although recent months have seen less activity, Bitcoin ETFs represent the largest launch of its kind.
Despite recent outflows, Seyffart said Bitcoin ETFs are going “as good as you could possibly hope.” The crypto markets continue to watch for updates on staking approval in Ether ETFs as a potential catalyst for renewed activity.
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