The second-largest crypto Ethereum saw a sharp selloff of more than 9% in the last 24 hours. ETH price tumbled to mid-November levels of $3,300 as traders took cues from robust US macroeconomic data, which shot down the Fed rate cut hopes.

Ethereum Price Led $700 Million in Net Crypto Liquidation

The broader crypto market and Bitcoin price saw major selloff, but ETH led the liquidation in the last 24 hours. Coinglass data reveals more than $152 million in ETH were liquidated, with $132 million in long positions. Whereas, BTC saw $128 million in liquidation.

The total crypto liquidation reaches $710 million in the last 24 hours. Notably, 237,476 traders were liquidated and the largest liquidation happened on leading crypto exchange Binance as someone sold ETH valued at $17.74 million. This is one of the largest in Ethereum history.

Whales and Institutions Offload ETH Holdings

Multiple ETH sell transactions were recorded over the last 24 hours as whales and institutional investors pared their holdings. Ethereum price fell after investors lost confidence about further rally as JOLTS job openings and ISM Services PMI data showed a strong US economy. This will cause the U.S. Federal Reserve to delay its rate cuts this year.

Whale Alert highlighted a 40,000 ETH transfer worth $140.44 million from Arbitrum to Binance. In addition, 18,172 ETH valued at $66 million transferred from Cumberland to Coinbase Institutional.

WisdomTree also deposited 11,733 ETH to Coinbase just before the crypto market crashed, reported Lookonchain.

Ethereum Foundation Makes First ETH Sale of 2025

The Ethereum Foundation just made its first ETH sale of the year. The foundation has transferred 100 ETH, valued at $336K, for 329,463 DAI. The foundation has sold nearly $12.96 million in ETH in 2024, which has limited the upside trajectory for Ethereum price.

Spot Ethereum ETFs Record Outflow

As institutional investors lost confidence, spot Ethereum ETFs saw a net outflow of $86.8 million on Tuesday.  Farside Investors data shows outflows mainly came from Fidelity’s FETH, Grayscale’s ETHE and ETH mini exchange-traded fund. The ETF flow is considered an indicator of strength in an asset and investors keep an eye on it to know the current sentiment.

What’s Next for Ethereum Price

Ethereum price currently trades at $3,329 and there are no signs of recovery yet. Experts have given $5000 and $10000 price targets for this year.

ETH derivatives data shows that open interest has dropped 7%. ETH Futures OI 9.04 million are now valued at $30.33 billion. Whereas, Options OI has increased as traders rearrange calls and puts.

Analyst IncomeSharks revealed quick scalp trade on the lower time frame. He suggests looking for a bounce and then closing long. Meanwhile, another analyst Crypto Tony said “As long as we hold $3200 on the daily closure I remain in my long.”

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The launch of spot Bitcoin ETFs and spot Ethereum ETFs in the United States this year has stormed the exchange-traded fund (ETF) market with massive inflows. Of the 740 ETFs launched this year, crypto ETFs dominate the top eight spots in terms of inflows. Following Donald Trump’s victory in 2024 US elections, inflows into BTC and Ether ETF have surged significantly in the hope of crypto-friendly policies and the plans of building a strategic Bitcoin reserve.

Bitcoin ETF Dominate ETF Launches in 2024

Nate Geraci, President of the ETF Store, highlighted the growing dominance of crypto-focused exchange-traded funds (ETFs) in 2024. According to Geraci, the top eight ETF launches this year have all been tied to digital assets.

These include four spot Bitcoin ETFs, two spot Ethereum ETFs, and two ETFs tracking MicroStrategy (MSTR). This surge in crypto-related ETFs stands out against the backdrop of nearly 740 total ETF launches in 2024. Thus, it highlights a major shift in the investing landscape as BTC and crypto become more mainstream.

As per the above image, BlackRock’s IBIT and ETHA products continue to garner heavy demand among investors. Nate Geraci also noted that there’s a very high demand for crypto ETFs tracking the MSTR stock, which has delivered massive returns in 2024, while recently entering the Nasdaq 100 index.

Strong Inflows Continue for BTC and Ethereum ETFs

Last week, between December 23 and December 27, spot Bitcoin ETFs experienced a net outflow of $388 million, reflecting some profit-taking and portfolio rebalancing. However, the Fidelity ETF (FBTC) saw a weekly net inflow of $183 million, signaling sustained interest from certain investor segments. The total net asset value (NAV) of Bitcoin spot ETFs now stands at $106.683 billion, per data from SoSo Value.

On the other hand, Bitcoin price remains under selling pressure dropping under $94,000 levels. Crypto market analyst Ali Martinez has highlighted a potential bullish setup for Bitcoin (BTC) signaling a possible price rebound. However, the analyst emphasized that the recovery is contingent upon BTC maintaining its critical support level at $93,000.

Unlike Bitcoin ETF outflows last week, Crypto analyst Ali Martinez has reported a significant bullish sentiment among Ethereum (ETH) traders on BitMEX. According to Martinez, 78.30% of traders with open futures positions on the platform are betting on an upward price movement for Ethereum. during the same period, with a net addition of $349 million. The BlackRock ETF (ETHA) and Fidelity ETF (FETH) contributed significantly, reporting weekly net inflows of $182 million and $160 million, respectively.

The Ethereum price has also been under selling pressure and is currently trading at $3,400. However, on-chain data suggests a bullish action for Ethereum moving ahead. Crypto analyst Ali Martinez has reported a significant bullish sentiment among Ethereum (ETH) traders on BitMEX. According to Martinez, 78.30% of traders with open futures positions on the platform are betting on an upward price movement for Ethereum.

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ETH price selling pressure continues as analysts project a dip under $3,000 before the altcoin reverses its trajectory to an uptrend. Following the rejection at $4,000, Ethereum has been heading vertically downward correcting over 17% in ten days. On the other hand, inflows into spot Ethereum ETF have gained pace showing institutional demand for the asset class remains intact.

How Low Will the ETH Price Drop?

Following the rejection at $4,000 last week, Ethereum has already corrected more than 17%. Ethereum price today was flirting around $3,350 levels with no bullish catalyst in sight at the moment. As a result, analysts believe that the ETH price can sink even lower before resuming the uptrend.

According to analysis shared on The Moon Show, Ethereum (ETH) appears to be breaking out of a symmetrical triangle pattern. This technical breakdown suggests a potential downside target of $2,920.

Crypto analyst Justin Bennett has expressed caution about Ethereum price trajectory. In a recent post, Bennett highlighted the $3,541 level as a critical weekly resistance for Ethereum. He pointed out that the cryptocurrency struggled to break past this mark over the Christmas period.

“Yes, we got a Christmas bounce, but it was low volume and mostly driven by retail activity,” Bennett observed, signaling limited conviction behind the recent uptick. The analyst believes that Ethereum could face further decline while expecting a potential bottom in early 2025. On the other hand, analysts are also expecting a Bitcoin price crash to $80,000, in that case, Ethereum can correct up to $2,500 as well.

Will Ethereum ETF Inflow Arrest the Downfall?

While ETH price has been heading lower, inflows into spot Ethereum ETF have resumed once again this week. In the last three trading sessions, the total inflows into Ether ETFs have crossed $300 million.

On Thursday, the total inflows stood at $117 million with Fidelity Ethereum ETF (FETH) recording $83 million in inflows while BlackRock’s ETHA saw $28 million in inflows. With this, ETHA’s total inflows since inception have exceeded $3.5 billion, while total inflows across all Ether ETFs now stand above $2.6 billion, per Farside Investors data. This shows that institutional demand for Ethereum continues to persist despite the recent price turbulence.

Despite the pessimism around Ethereum in the short term, market analysts are bullish on a longer time frame. On the yearly chart, the ETH price forms an inverse head-and-shoulders pattern, and breaking out of that will trigger a rally to $7,500 and beyond. For 2025, market analysts are also predicting an Ethereum surge to $15,000 and beyond.

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Along with the Bitcoin price retracement, Ethereum (ETH) witnessed a more than 5% pullback to the $3,816 level. As Ethereum eyes fresh highs, a selloff by Ethereum Foundation triggered a negative sentiment in the market. On the other hand, Ethereum ETF inflows are making fresh records, with net inflows reaching closer to $2.5 billion.

ETH Price Faces Rejection At $4,000

Ethereum bulls failed to sustain above $4000 level for long, leading to a strong pullback amid the Bitcoin price drop under $104,000. While analysts predict further upside to new all-time highs around $5,000, the ETH price has faced multiple rejections around $4,000.

One of the major reasons is the negative sentiment due to continuous sell-off by the Ethereum Foundation. According to Arkham Intelligence, the Ethereum Foundation has sold another 100 ETH, valued at approximately $420,470. This latest transaction adds to a total of 4,466 ETH ($12.62 million) sold by the foundation so far in 2024.

This year’s activity reflects a steady divestment pattern from the Foundation, which actively manages its holdings to fund ecosystem development. In the past Ethereum co-founder Vitalik Buterin has also defended these actions from the Foundation.

Another major reason behind the recent sell-off is crypto traders turning cautious ahead of the FOMC meeting and Fed rate cut decision on Wednesday. The ETH price has been consolidating in the range between $3,600-$4,000 for the past few weeks. This means that Ethereum could see another 5% retracement before reversing its trajectory.

As of press time, the Ethereum price is down 4.38% at $3,843 levels, with its market cap at $462 billion. As per the Coinglass data, the 24-hour liquidations have shot up to $56 million with nearly $50 million in long liquidations.

As per the data from PeckShield Alert, an Ethereum address (0x746c…ee8c) that had taken a long position on ETH has been liquidated for 782.48 WETH, valued at approximately $3.02 million.

Popular crypto analyst Ali Martinez believes that once Ethereum surpasses $4,100, another 50% gain to $6,000 will come like a magnet.

Ethereum ETF Inflows Show Strength

Inflows into spot Ethereum ETFs have continued at a strong pace with BlackRock Ether ETF (ETHA) leading the pack crossing $3.3 billion in net inflows since inception. The spot Ethereum ETF has witnessed a staggering surge in net inflows since November. This surge highlights growing investor interest and confidence in Ethereum-based ETFs, particularly as institutional adoption continues to gain momentum.

On Tuesday, the Ethereum ETF inflows stood at $144 million with BlackRock’s ETHA alone contributing $134 million in inflows. Fidelity’s FETH saw $3.9 million in inflows while Grayscale’s mini-Ether ETF (ETH) saw $4.5 million in inflows.

The BlackRock iShares Ether ETF (ETHA) has experienced 13 straight days of inflows, totaling $1.5 billion, according to ETF Store President Nate Geraci. Since its launch in July, spot Ether ETFs have collectively seen $2.5 billion in inflows, despite a net outflow of $3.5 billion from the Grayscale ETH Trust during the same period.

Investors are hopeful for an ETH price surge following the massive inflows into ETFs. Analyst Venturefounder has identified a critical threshold in Ethereum’s journey, highlighting the 0.036 ETH/BTC ratio as a pivotal level. A bounce back from here sets the stage for the ETH price rally to continue.

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After the recent bounce back, the Ethereum price continues to face strong resistance around $4,000 with investors waiting on the sidelines for a bullish breakout. With ETH flirting around $3,900 again, investors are cautious about another pullback. However, on-chain metrics indicate strength hinting at upward momentum ahead.

Ethereum Price Needs to Hold This Key Support

Crypto analyst Ali Martinez has identified a critical support zone for Ethereum, ranging between $3,700 and $3,810. This level holds significant importance as approximately 3 million wallets collectively purchased 4.6 million ETH within this range.

Martinez stated that there’s a strong buying interest at this level and would act as a strong support for ETH preventing further downside in case of market volatility.

Furthermore, blockchain analytics firm Santiment noted a strong surge in Ethereum network activity with new wallet creations hitting an 8-month high. In December, the network averaged 130,200 new addresses daily, a level of interest not seen since April.

This shows growing interest among ETH enthusiasts eyeing potential upside. On the other hand, the robust inflow into Ethereum ETF has further fueled optimism. Notably, BlackRock Ether ETF has recently recorded a $3 billion influx, suggesting a growing interest of investors toward the investment instrument.

ETH On-Chain Metrics Show Strength

Ethereum’s on-chain metrics are showcasing notable growth this week, reflecting increasing network activity and momentum for the cryptocurrency. This includes a 4.24% rise in active addresses and a 2.65% uptick in new address creation. Below are some of the other indicators showing strength. Also, the Ethereum whale activity suggests a further upside.

Ethereum Price MVRV Bands

Ethereum’s MVRV pricing bands, a key market indicator, remain relatively flat, signaling that the cryptocurrency may not have entered its primary bull market phase yet, according to analysts.

Historically, Ethereum has only approached cycle tops after reaching 3.2 times its realized price (RP). While this multiplier is expected to rise during a bull run, the current projection places Ethereum’s potential peak at $6,575, with a similar projection by asset manager VanEck.

ETH Realized Cap Signals Early Expansion

Ethereum’s realized cap—a key metric tracking the total value of all coins at the price they last moved—undergoes distinct periods of expansion and contraction during market cycles.

In the previous cycle, Ethereum experienced a three-year contraction phase followed by one year of expansion leading to its cycle peak. This cycle appears to follow a similar pattern. The contraction phase ended in May 2024, with the realized cap beginning its expansion phase in November. This shows that the Ethereum price has much room ahead for a continued rally.

Ethereum vs. Bitcoin Chart Hints at Major Upside

Popular crypto analyst venturefounder noted that the Ethereum vs Bitcoin chart set up in the post-Bitcoin halving period hints at a major upside ahead for the Ethereum price.

Historically, Ethereum has underperformed Bitcoin for no longer than eight months post-halving before experiencing a significant surge against BTC. With the current halving cycle in its eighth month, ETH appears to be right on schedule for an upward breakout.

If the trend holds, the ETH/BTC ratio could climb as high as 0.39, a 700% increase from the halving. At a projected $100,000 Bitcoin price, this would place Ethereum’s value at an estimated $39,000 per coin, noted the analyst.

ETH price today traded 1% up at $3,927 with a market cap of $473 billion. As per the Coinglass data, the 24-hour liquidation has surged to $16 million while the open interest remains flattish at $27 billion.

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Ethereum witnessed $634 million inflows last week, pushing its year-to-date inflows to a record-breaking $2.2 billion. The surge signals rising institutional confidence in ETH, reflecting a dramatic turnaround in sentiment.

Experts point to favorable demand-supply dynamics, bolstered by these inflows and Ethereum’s adoption across blockchains, as key factors driving the renewed optimism around ETH.

Ethereum Inflows Indicate Growing Institutional Confidence

Ethereum has witnessed a significant surge in institutional interest, as evidenced by the recent $634 million inflows into Ethereum investment products. According to CoinShares blog, ETH year-to-date inflows have now reached an impressive $2.2 billion. This dramatic turnaround signals renewed optimism in its long-term growth prospects, fueled by growing adoption and strong demand from institutional investors.

The rising institutional interest is closely tied to the performance of ETH ETFs. In recent weeks, Ethereum-based exchange-traded funds have gained traction, with strong inflows contributing to the demand-supply dynamics that continue to favor ETH. These ETFs have become a key instrument in driving ETH’s institutional adoption, with investors increasingly turning to Ethereum as a part of their digital asset strategy.

This uptick in ETF inflows is part of a broader trend in the digital asset market. Digital asset investment products saw a total of $270 million in inflows last week, while Ethereum’s continued growth indicates that its adoption is outpacing other assets. As institutional investors flock to ETH, the asset continues to solidify its position as a leading digital asset, driven by its role in blockchain technology and Layer 2 scaling solutions.

Global ETF Inflows and Their Broader Impacts

The cryptocurrency market saw $270 million in digital asset inflows last week. Ethereum dominated with $634 million, while Bitcoin recorded outflows of $457 million, marking its first significant outflow since September. Analysts attribute Bitcoin’s decline to profit-taking following its recent rally past the psychological $100,000 level.

Ethereum shines, seeing US$634m inflows last week, in stark contrast to bitcoin which saw US$457m outflows due to profit taking.https://t.co/TlJtOZYhVt

— James Butterfill (@jbutterfill) December 2, 2024

XRP also saw notable inflows of $95 million, driven by excitement around a potential U.S. ETF. Recently, WisdomTree has filed an S-1 form for the XRP ETF fund with the US SEC.

On the other hand, the total crypto ETF inflows reached a record $37.3 billion this year worldwide, underscoring growing investor interest. However, crypto ETFs remain a small fraction, only around 5%, of total ETF assets, as noted by Eric Balchunas.

A Closer Look Into ETH Market

At the time of writing, Ethereum (ETH) price trades at $3,615, down 3% in the past 24 hours. Its 24-hour low and high stand at $3,570 and $3,761, respectively. Its market cap is $435 billion, with a 24-hour trading volume of $40 million.

Although Ethereum has underperformed Bitcoin year-to-date, with a 59% gain compared to Bitcoin’s 124%, its fundamentals remain strong. Analysts, including Rekt Capital, believe that if the price can reclaim key levels like $3,650, it could signal a breakout.

Additionally, the Ethereum whale activity is also increasing, as highlighted by the prominent crypto market expert Ali Martinez. Recently, Martinez said that with over 280,000 ETH, worth $1 billion, being purchased within just 96 hours.

Ethereum’s growing ETF inflows, combined with its solid fundamentals, indicate a promising future. With demand-supply dynamics favoring ETH and blockchain activity surging, the asset seems well-positioned to attract further institutional interest.

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The spot Ethereum ETFs witnessed one of the largest daily inflows while overtaking the spot Bitcoin ETFs on Friday. This is the first time that Ether ETFs have achieved this milestone, since launch, showing a shift in investor sentiment. As a result, the ETH price surged another 4.27% moving past $3,720, setting the stage for the next rally to $5,000.

Spot Ethereum ETF Inflows on the Rise

Institutional demand for the spot Ether ETFs is slowly picking pace. Yesterday, the total inflows into US Ether ETFs stood at a staggering $332 million overtaking the Bitcoin ETF daily inflows of $320 million.

This is the fifth consecutive trading session in which Ethereum ETFs saw net positive inflows. On Friday, the BlackRock Ether ETF (ETHA) alone accounted for $250 million in inflows followed by Fidelity’s FETH at $79.1 million in inflows, per the data from Farside Investors.

Nate Geraci, president of The ETF Store, stated that the BlackRock Ether ETF (ETHA) has now surpassed $2 billion in total inflows since its launch in July, underscoring strong investor demand and growing institutional interest in Ethereum as a leading digital asset.

On the other hand, the BlackRock Bitcoin ETF (IBIT) saw $137.5 million in inflows yesterday. This shows that the capital rotation from Bitcoin (BTC) to Ethereum (ETH) has begun.

While inflows into Ether ETFs have been on the rise, the Bitcoin ETF inflows have slowed down recently. Earlier this week, the BlackRock Bitcoin ETF (IBIT) saw zero inflows for two consecutive days in a row. Recent reports also suggest that BlackRock funds from the traditional portfolio have also been buying millions of IBIT shares recently.

ETH Price Rally to $5,000?

Market analysts have turned bullish on the Ethereum price while expecting new all-time highs above $5,000. At press time, ETH price has surged another 4% with bulls taking it beyond the crucial resistance $3,700, setting an immediate target of 4,000.

Ethereum’s price chart has confirmed a breakout from an inverse head-and-shoulders pattern, signaling potential bullish momentum ahead. Analyst ‘Trader Tardigrade’ suggests that a retest of the $3,538–$3,445 range could present a final buying opportunity at these levels before ETH targets the pattern’s projected high of $5,800.

The spot Ethereum ETF inflows could provide further fuel for the ETH rally to continue to new all-time highs. This could also kickstart the much-awaited altcoin season leading a mega rally in the crypto market.

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After six consecutive days of inflows, the spot Ethereum ETF flows flipped negative again on Thursday, as the bullish sentiment driven by Trump-trade subsided. The ETH price also dropped 6% in the last 24 hours moving all the way to $3,000 losing over $22 billion in market cap.

Spot Ethereum ETF Flips Negative

After six consecutive days of inflows, the US Spot Ethereum ETF is once again seeing outflows. On November 14, Ethereum ETFs experienced a minor outflow of $3.24 million, the first since the Donald Trump victory on November 5.

Despite this, BlackRock’s Ethereum ETF (ETHA) saw a net inflow of $18.87 million in a single day. However, Grayscale’s ETHE played the spoilsport with nearly $22 million in outflows yesterday. Besides, inflows in other Ether ETFs have dried up significantly, as per the data from SoSoValue.

Following the Donald Trump victory on November 5, the spot Ether ETFs saw strong inflows as the ETH price rallied 40% on the weekly timeframe all the way to $3,400. However, since the November top, the ETH price has corrected nearly 10% as bulls try to defend $3,000 levels.

ETH Price Action in Choppy Market

Amid the recent ETH price action, popular crypto trader Credibull Crypto has started to build a position in Ethereum (ETH) and add further if Ethereum drops to $2,800, amid the current low-time-frame (LTF) price action and crypto market drop. The decision to increase their exposure is based on Bitcoin’s recent stability, which may prevent a quick pullback to the low $80k range and allow ETH to continue upward.

The trader notes that a small range is forming, pushing into local demand, with untapped local highs above. They are eyeing potential gains toward the $3,500+ level before reassessing. However, the trader emphasizes that the invalidation point for their higher-time-frame (TF) ETH strategy is at $2,350.

Watching this LTF PA develop on $ETH and have started positioning here. If we make it down to the ideal entry zone (sub $2800) I'll add to my position.

Reason for going in more aggressively here is that BTC is holding up decently atm and if we don't get a pullback to low 80k's… https://t.co/681HswOBoI pic.twitter.com/TmwCxBLgbu

— CrediBULL Crypto (@CredibleCrypto) November 14, 2024

Popular trading account IncomeSharks suggests that traders who missed the initial entry opportunity might find a second chance near Supertrend support just under $3,000. The trader also added that the swift shift in market sentiment, as “a few red candles” have led to widespread pessimism and negativity toward the asset. However, he believes that there’s a strong potential for a rebound moving ahead. This can again lead to resuming the inflows for spot Ethereum ETFs.

A recent Ethereum price analysis hints that analysts have been making bullish predictions for the crypto, potentially hitting $4,000, by November end. However, it will require the support of the broader market to continue this rally ahead.

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Bitwise Asset Management, a crypto exchange-traded fund (ETF) issuer, on Wednesday said that it has acquired Attestant, an Ethereum staking service. The move comes as the company plans to expand further outside core businesses amid various crypt-focused ETF launches by the firm, as per people familiar with the matter. Will ETH price hit a new all-time high this bull run?

Bitwise Deepens Crypto Push With Attestant’s Acquisition

Bitwise Asset Management has acquired Ethereum staking service Attestant as the largest crypto fund manager races to launch new ETF for various cryptocurrencies. The terms of the cash and equity transaction weren’t disclosed, reported Bloomberg on November 13.

London-based Attestant manages $3.7 billion in assets for its clients seeking to explore and earn yields with Ethereum staking. This has also helped them play a key part in validating transactions on the Ethereum blockchain.

As part of the acquisition, 11 employees from Attestant will join Bitwise. The crypto ETF issuer will now manage more than $10 billion in client’s net assets. Notably, one in five Bitwise clients want to stake their crypto to earn yields from staking. However, the company asserts the majority of its clients will want to invest with staking in a few years.

Bitwise Chief Executive Officer Hunter Horsley in an interview said:

“We are now entering a new chapter of the maturation of this space. I think in this chapter to be most useful for clients they want you to be at a certain scale and to offer broad capabilities.”

According to Staking Rewards, Ethereum staking offers 3.78% rewards. Also, nearly a third of all ETH, or $112 billion worth, has been staked. At the time of writing, 34,566,523 ETH is staked on the Beacon Chain, as per beaconcha.in data.

ETH Price Rallies Amid Rise in ETF Adoption and Open Interests

Bitwise’s Bitcoin ETF (BITB) is the sixth largest of the dozen available to US investors, with about $3.8 billion in assets under management. Also, the spot Bitcoin ETF has a net inflow of $2.38 billion.

Meanwhile, Bitwise spot Ethereum ETF (ETHW) has $360.58 million in assets under management. The ETHW has a net inflow of $360.4 million. It saw $17 million in inflow on Tuesday.

ETH price today fell 6% in the past 24 hours after the recent rally, with the price currently trading at $3,163. The 24-hour low and high are $3,121 and $3,444, respectively. Furthermore, the trading volume has decreased by 10% in the last 24 hours, indicating a decline in interest among traders.

Total ETH future open interest has climbed 1% in 4 hours and dropped 4% in 24 hours. The 5.52 million BTC futures OI are now valued at $17.46 billion, which signals support for a further upside move despite a decline from ATH.

As per an analysis by coinpress, ETH price trends, historical patterns, and whale accumulation insights indicate Ethereum price can hit a new all-time high.

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The US Securities and Exchange Commission (SEC) has again delayed its decision on the New York Stock Exchange’s (NYSC) proposed rule change to offer options trading. This move comes despite the US SEC already approving options trading for the Bitcoin ETFs.

US SEC Delays Decision On Options Trading For Ethereum ETFs

The US SEC indicated in its latest release that it would need more time to consider the NYSE’s proposed rule change to list and trade options on the Ethereum ETFs on the exchange. The regulator also called for written comments from the public on whether they should approve the proposed rule change or not.

The SEC had in September delayed its decision on the rule change and extended the deadline till November 11. Following their latest decision, the Commission will have until December to determine whether or not they want to approve NYSE options trading for these Ethereum ETFs.

If approved, the proposed rule change regarding options trading would cover Bitwise Ethereum ETF, Grayscale Ethereum Trust, the Grayscale Ethereum Mini Trust, and any other Ethereum Trust that the exchange lists in the future.

Meanwhile, the US SEC is also meant to decide on the Nasdaq’s proposed rule change to list and trade options on BlackRock’s iShares Ethereum Trust, which is the only Ethereum ETF on the exchange.  However, the Commission has yet to make a release to that effect, although it will also likely delay its decision on the Nasdaq’a proposed rule change.

It is worth mentioning that the SEC has already approved options trading on the Bitcoin ETFs, including BlackRock’s IBIT, which recently saw its largest daily inflow of $1 billion.

Time To End The War On Crypto

US SEC Commissioner Mark Uyeda recently mentioned that the Commission’s war on crypto must end. He remarked that this includes the enforcement actions that the regulator has taken against firms that they claim have failed to register without any allegation of fraud or harm.

Uyeda also alluded to the fact that President-elect Donald Trump has made it clear that he intends to put an end to the SEC’s regulation-by-enforcement approach. He also suggested that he was willing to carry out this mandate on behalf of the incoming president.

The SEC Commissioner is one of the potential candidates to replace the current Chair Gary Gensler when Trump enters the Oval office in Jnauary. Robinhood’s Chief Legal Officer Dan Gallagher is also one of the leading front-runners to replace Gensler under Trump.

Meanwhile, there are reports that another pro-crypto US SEC Commissioner Hester Pierce will unlikely take up the Chair position if offered. Instead, she will prefer to lead a crypto task force that will guide the Commission on how to navigate the crypto industry.

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Despite the poor demand for the spot Ether ETF in the first three months following the US launch, Australia’s Monochrome Asset Management is preparing for a similar launch in the home country. Interestingly, the Monochrome Ethereum ETF comes with a twist that could revive the demand for the investment product.

Monochrome Ethereum ETF Goes Live on Cboe

The Monochrome Ethereum exchange-traded fund (IETH) will start trading on Monday, October 14, on the Australia Cboe exchange. The launch comes within four months of the asset manager introducing its spot Bitcoin ETF to Australian investors in June this year.

Unlike the US-listed Ether ETFs, the Monochrome Ethereum ETF positions itself as the world’s first Ether ETF to offer in-kind Ether subscriptions and redemptions. Monochrome CEO Jeff Yew said that this feature could provide greater tax efficiencies to investors.

These Ethereum ETFs from Monochrome come with a dual-access bare trust structure that seeks to prevent capital gains tax events for long-term crypto holders. This innovative structure allows participants to transfer Ethereum into the ETF without triggering a change in legal or beneficial ownership. Thus, it helps investors avoid immediate tax liabilities. Monochrome has been gearing up for its Ether ETF launch since September.

Furthermore, this new structure from Monochrome will grant investors absolute entitlement to their allocated Ethereum. As a result, any actions from the trustee will be part of the actions for the investor preventing them from capital gains tax during transfer or redemption, as long as the ownership remains the same. Monochrome believes that this would set its Ethereum ETF apart from its US counterparts.

“A ‘bare trust’ means that your investment in the ETF may be treated as if you directly own the Ethereum. US crypto ETFs can’t be supported in kind, including Bitcoin ETFs, and they are not operated in this timezone,” explains Yew in a word with Decrypt.

Competing With US ETFs

The Monochrome Ethereum ETF (IETH) will be accessible through most Australian brokerage platforms and will support transfers from crypto platforms, decentralized wallets, and cold storage wallets.

Additionally, IETH also follows the CME CF Ether-Dollar Reference Rate, and carries a management fee of 0.5%, reduced to 0.21% for accredited advisers. Thus, this fee structure aligns it with U.S. competitors, which offer fees averaging between 0.20% and 0.25%.

Monochrome has roped in top market players like BitGo and Gemini to provide crypto custody for IETH. On the other hand, State Street Australia will be the fund administrator for the ETF.

The Ether ETH inflows have dropped significantly in the US market, but big players like BlackRock continue to remain hopeful. If the overall market demand revives, even Monochrome’s IETH would benefit from it.

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After a few weeks of slow demand, the inflows into spot Ethereum ETF have shot up again amid the global liquidity boost following the Fed rate cuts. After a poor start to the week, inflows into spot Ether ETF have resumed again. Amid the liquidity pump in the market, institutions are once again looking at the Ethereum investment product. As a result, the Ethereum price continues to hold firm despite the ETH whale sell-offs over the past week.

Spot Ethereum ETF Inflows Surge Past $85 Million

This week, the total inflows into spot Ether ETFs surged past $85 million, after several weeks of outflows. This comes as the Ethereum price shows strength surging to $2,700 and eying the next run to $3,000.

On Friday, September 27, the inflows into spot Ethereum ETF stood at $58 million with Fidelity FETH seeing the most inflows at $42.5 million. BlackRock’s ETHA came second with more than $11.5 million while Grayscale ETHE saw $10.7 million in outflows, per the data from Farside Investors.

Earlier this week, the Ether ETFs saw $80 million in outflows driving by massive outflows from Grayscale’s ETHE. However, the day after, BlackRock took the charge resuming inflows back into the investment products.

The recent inflows come when amid the constant sell-offs by Ethereum whale over the past week.

ETH Whale Selloff Continues

While the Ethereum ETF see inflows, the latest on-chain data shows that institutions have been offloading their ETH holdings in the latest price rally. As per the data from LookonChain, two major institutions offloaded Ethereum (ETH).

A wallet linked to Cumberland deposited 11,800 ETH, valued at $31.88 million, into Coinbase just seven hours ago. Similarly, ParaFi Capital withdrew 5,134 ETH (worth $13.83 million) from Lido and deposited it into Coinbase Prime six hours ago.

2 institutions are selling $ETH!

A wallet related to #Cumberland deposited 11,800 $ETH($31.88M) into #Coinbase 7 hours ago.#ParaFiCapital withdrew 5,134 $ETH($13.83M) from #Lido and deposited it into #CoinbasePrime 6 hours ago.

Address:… pic.twitter.com/zuOe68IIuJ

— Lookonchain (@lookonchain) September 28, 2024

On the other hand, an ancient Ethereum whale wallet cashed out 12,979 ETH for $34.3 million this week, after nearly four months of hiatus. This whale originally withdrew 21,632 ETH from ShapeShift and Poloniex in 2016 when Ethereum was priced at just $7.074 per coin. Since May 2024, this wwhale has sold a total of 15,879 ETH, making $43.5 million at an average price of $2,739 per ETH.

After 4 months of silence, an ancient #Ethereum whale with a $58.8M profit cashed in another 12,979 $ETH for $34.3M this week, as $ETH rebounded ~6%!

Originally withdrawing 21,632 $ETH from #ShapeShift and #Poloniex in 2016 at $7.074/ETH, the whale has sold 15,879 $ETH since… pic.twitter.com/JrtBinVnj6

— Spot On Chain (@spotonchain) September 28, 2024

It seems that the inflows into spot Ethereum ETFs are largely compensating for the ETH whale selloff during the past week.

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The leading investment management firm, VanEck has disclosed its plans to cease and liquidate its Ethereum ETF Futures (EFUT). This marks a major setback for ETH price, which was already going through a volatile trading phase amid a broader market downturn. The ETF issuer has cited a flurry of reasons like waning market interest, performance woes, and others, as the primary reasons behind the decision.

VanEck To Close & Liquidate Ethereum ETF Futures

In a recent update, VanEck said that it is closing and will liquidate its Ethereum Futures ETF, listed on the CBOE exchange. The company’s decision follows a detailed review of its product offerings, focusing on factors like liquidity, performance, and overall demand from investors. According to the ETF issuer, the EFUT has failed to meet their expectations, which led to the decision to wind down the fund.

Meanwhile, the firm has notified that the shareholders would be allowed to sell their EFUT shares on the CBOE exchange with September 16, 2024 as the deadline. After this date, the trading will stop and the ETF will be delisted. However, after this date, any investor holding the shares will receive a liquidating distribution based on the net asset value of their holdings on the anticipated liquidation date of September 23, 2024.

In addition, the decision also highlights broader concerns over the market sentiment for Ethereum futures, especially amid declining interest and shrinking trading volume. The firm said that ongoing market challenges and low investor demand have weighed on the Ether ETF’s performance.

However, VanEck’s recent decision is also driven by strategic portfolio streamlining, after the approval of its US Spot Ethereum ETF. This move mirrors the firm’s earlier decision to wind down its Bitcoin Futures ETF following the greenlighting of its US Spot Bitcoin ETF in January, suggesting a deliberate shift towards spot market offerings.

ETH Price To Face Further Selling Pressure?

The liquidation process will involve distributing the net assets of EFUT to shareholders in cash, according to the update. It could affect the investors who are holding shares in their brokerage accounts.

However, VanEck clarified that any final income and capital gains not previously distributed will be included in the liquidation proceeds. The firm has advised the shareholders to consider the tax implications of these distributions, as they may result in recognized capital gains or losses.

The termination of EFUT highlights the broader challenges faced by Ethereum ETFs, which have struggled to maintain investor enthusiasm amidst fluctuating market dynamics. In addition, it also comes amid a time when the second-largest crypto market cap is facing immense selling pressure amid a broader market downturn.

As of writing, ETH price was down nearly 4% to $2,284, with its trading volume soaring 34% to $18.02 billion. Simultaneously, Ether Futures Open Interest fell 2.5% to $10.21 billion, indicating that the investors are staying on the sideline amid the volatile phase. In addition, a recent Ethereum price analysis suggests that the crypto could witness a dip to $2,000.

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Monochrome has officially applied to list a new Ethereum ETF on Cboe Australia, which could enhance the country’s crypto landscape. Named IETH, this proposed exchange-traded fund seeks to provide retail investors with a regulated pathway to invest in Ethereum, the second-largest crypto by market capitalization.

Monochrome Files for Ethereum ETF Listing in Australia

In a recent submission, Monochrome Asset Management has filed an application with Cboe Australia to launch an Ethereum ETF, which will be listed under the ticker IETH. This initiative, pursued in partnership with Vasco Trustees Limited, aims to provide Australian investors with a formalized vehicle for engaging with Ethereum. 

The fund plans to track Ethereum directly, mirroring its market movements and providing a straightforward option for investor participation.

Additionally, the IETH ETF represents an essential expansion in the suite of regulated investment products focusing on cryptocurrencies within Australia. This offering follows the successful launch of Monochrome Bitcoin ETF, which has gathered traction since its debut. 

In June, Monochrome Bitcoin ETF was added to the Commonwealth Bank of Australia’s expanded ETF lineup, highlighting its growing acceptance.

Regulatory Framework and Investor Access

Monochrome Ethereum ETF will function under a dual-access model, permitting cash and in-kind transactions. This design is intended to simplify the process for investors to engage with the fund.

Upon approval, the IETH fund will be accessible through major Australian brokerage platforms, widening its reach across retail investors. The accessibility will promote the adoption and integration of crypto investment strategies within traditional portfolios.

ETH Price Market Impact and Future Outlook

The introduction of the IETH Ethereum ETF comes at a pivotal time when global interest in crypto funds are fluctuating. While the U.S. market has seen some caution with spot Bitcoin and Ethereum ETFs experiencing outflows, Australia’s regulatory environment may offer a more stable foundation for growth.

Following the developments in Ether ETFs, ETH price has shown resilience. coinpress analysis predicts that if Bitcoin reaches $100K, as suggested by its current bullish patterns, Ethereum could rally to highs between $4,500 and $5,000. 

The current ETH price stands at $2,392.58, with a market capitalization of $287.863 billion. The crypto has seen a 24-hour trading volume of $13.746 billion, reflecting robust market activity.

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The Ethereum price was up over 2% today, indicating a positive sentiment hovering in the market amid a broader market recovery. The recent gains in Bitcoin price and other altcoins have helped the overall market to stay in the green today after volatile trading so far this week. However, the rally has left many investors seeking answers that could have helped reverse the momentum.

So, let’s explore some of the potential reasons that might have helped gain ETH price today.

Why Is the Ethereum Price Rising?

Investors appear to be regaining confidence in the digital assets market, as evidenced by the overall performance of the market. This positive momentum likely has helped gains in Ethereum price today, along with Bitcoin and other top altcoins. However, here we take a look at some of the reasons that could have contributed to the recent surge in prices.

Ethereum ETF Regaining Momentum

The US Spot Ethereum ETF recorded an inflow of $5.9 million on Wednesday, August 28, which could have bolstered market sentiments. Notably, this is the first time the investment instrument for Ether has noted an overall inflow since August 14, according to Farside Investors data.

The data showed that BlackRock Ethereum ETF (ETHA) led the inflow with $8.4 million, followed by a $1.3 million influx of Fidelity’s FETH. Grayscale Ethereum ETF (ETHE) has continued to stay in the red, with a $3.8 million outflow on August 28.

Meanwhile, the positive data also comes despite the US Spot Bitcoin ETF noting an overall outflow of $105.3 million on Wednesday. Besides, it indicates that the institutions are regaining confidence in the second-largest cryptocurrency by market cap. Having said that, it seems that it has helped in ETH price’s recent gains.

Robust Nvidia Earnings Fuels Market Sentiment

The robust earnings results from the chip maker Nvidia appear to have fueled market momentum. The optimism is reflected by the gains in the US stock market as well. Notably, all three US stock indices were in the green during writing today, indicating a positive market sentiment.

However, despite the positive results, the NVDA stock was down over 4% today, likely as the tech giant failed to impress the investors with its sales forecast. Notably, NVIDIA has reported a revenue of $30 billion in Q2, FY25, an increase of 15% QoQ and 122% YoY, beating market expectations.

The investors have taken a pause ahead of the earnings from the GPU maker, given the dominance of the tech firms on the global financial market. However, with the positive second-quarter earnings, the investors appear to have regained confidence in the financial market, potentially boosting the ETH price.

Overall Market Sentiment Boosts ETH Price

The positive momentum noted in the broader crypto market appears to have helped Ethereum price to witness the recent gains. As of writing, the global crypto market cap was up 2.14% to $2.12 trillion. Simultaneously, the BTC price was also up about 2% and was trading above the $60K mark.

As of writing, ETH price was up 2.02% to $2,570.78, with its trading volume dropping 33% to $14.85 billion. Besides, the Ether Open Interest (OI) surged 1.5% to $10.73 billion, indicating increasing confidence of the investors towards the crypto. Meanwhile, a recent Ethereum price prediction showed that the crypto could hit $3,000 soon if it can break a certain resistance.

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The US SEC is reportedly moving ahead with implementing a nod for new rules for exchange-traded funds (ETF) and mutual funds. According to a recent report, the agency is seeking to implement the new rule to enhance transparency in the market and keep investors informed. The investors are seeking to explore the impact of the new rule, which is expected to be approved today, on the Bitcoin and Ethereum ETF issuers.

US SEC Implements New Rules For Investment Funds

The US SEC will require ETF and mutual funds to report their portfolio holdings on a monthly basis, instead of the current quarterly requirement. According to a Reuters report, the agency is set to approve the rule changes today in a meeting. Notably, this move would aid investors in making informed decisions with more transparency in the market.

The report said that under the new rules, the funds will have to file reports with the regulators within 30 days after the end of each month. However, the data will become public after another 30 days. This shift in regulation is expected to come into effect by November 2025, with smaller funds having until May 2026 to comply.

Meanwhile, the officials said that the initial proposal included broader regulations like “swing pricing” to mitigate market risks. However, the plans are then scaled back due to industry opposition.

Instead, the SEC is now aiming to refine the existing rules around liquidity risk management in “open-end” funds, which would allow traders to redeem their shares daily. The proposed regulations, as per the report, focus on bringing clarity on asset liquidity classifications and other key terms to ensure compliance and investor protection.

However, the rule changes have sparked discussions over its potential impact on Bitcoin and Ethereum ETFs. Crypto market enthusiasts, who are already worried about the agency’s stance towards the digital assets space, are closely watching how these rules could impact the growing crypto ETF market.

Potential Impact On Bitcoin And Ethereum ETF

The new reporting requirements could have a direct impact on Bitcoin and Ether ETF issuers. For context, the issuers are also expected to comply with the same monthly reporting standards as traditional funds.

Meanwhile, this could enhance transparency for investors interested in the investment instrument, providing them with up-to-date information on holdings and market movements. Besides, given the recent optimism surrounding these ETFs, increased transparency might be seen as a positive step for the market.

However, concerns are also growing as the recent move follows a recent wells notice issued by the US SEC to OpenSea. The agency has targeted the marketplace over the classification of NFTs as securities.

This action has fueled accusations of regulatory overreach into the digital asset space, with some critics suggesting the agency’s actions are politically motivated. Notably, Bitcoin the timing of the SEC’s action against OpenSea comes just after the launch of Donald Trump’s latest NFT launch, sparking further debates in the market.

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The Ethereum gas fee has recently fallen to its five-year low, while the ETH price struggles to trade in the green. A recent report from Kaiko highlights the drop and its potential implications on the crypto’s price. It’s worth noting that despite the start of Spot Ether ETF trading in the US, the second largest crypto by market cap has gone through a highly volatile phase recently.

Ethereum Gas Fees Hit Record Lows

A recent Kaiko report highlights that Ethereum gas fees have dropped to a five-year low. This drop is primarily attributed to increased activity on Layer 2 solutions and the Dencun upgrade in March.

Notably, the Dencun upgrade introduced innovations like ‘Blobs’, which have significantly reduced transaction fees for Layer 2 networks. For context, networks like Arbitrum, Base, and others, can now publish their data on Ethereum at a fraction of the prior cost.

Although the lower gas fees might appear to be good news for Ether users, it come with a catch. The reduced fees indicate that less ETH is burned during transactions, which in turn increases the overall supply of the crypto. Since April, the rise in supply has been consistent, fueling concerns over its impact on the crypto’s price.

Historically, the crypto has seen immense fluctuations in gas fees, especially during the surging interest over DeFi in 2021-22. The current decline in gas fees reflects a broader trend of decreasing network costs, driven by technological advancements. However, the increase in supply amid demand drivers like the Spot Ether ETF could potentially hinder the price gains of the crypto in the short term.

ETH Price Slips

The drop in the gas fees comes amid a critical time for the crypto market. Despite the launch of Spot Ether ETF in the US, which was anticipated to boost the crypto’s price, ETH remained highly volatile. Having said that, the dip in gas fees has fueled concerns over further dampening the crypto’s price.

Meanwhile, in the long term, the success of Layer 2 projects and upgrades like Dencun could pave the way for a more efficient Ethereum network. However, the immediate impact on ETH prices may be less favorable, especially if the increased supply continues to outweigh demand.

As of writing, ETH price was down 2.65% to $2,590, with its trading volume soaring 31% to $11.14 billion. Over the last 24 hours, the crypto has touched a high of $2,670 and a low of $2,566. Notably, the second-largest crypto market cap plunged nearly 26% in the last 30 days, indicating the high selling pressure on the crypto.

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Spot Ethereum ETFs experienced significant activity over the past week. These products recorded both substantial inflows and outflows, leading to a mixed sentiment in the market. The cumulative net inflow into spot Ethereum ETFs reached nearly $105 million by the end of the week owing to the strong start. Hence, it sparked discussions on the potential for Ethereum (ETH) to push towards the $3,000 mark.

A Look At Spot Ethereum ETF Weekly Flows

On Monday, August 5, spot Ethereum ETFs began the week on a positive note with net inflows totaling $48.8 million. BlackRock led the market, securing $47.1 million of these inflows. Fidelity and VanEck followed with $16.2 million and $16.6 million, respectively.

However, Grayscale’s Ethereum Trust (ETHE) experienced significant outflows of $46.8 million, while its smaller Ethereum ETF saw modest inflows of $7.6 million. This resulted in a mixed start for the week, reflecting the varying sentiment among investors.

Nonetheless, the positive momentum continued on Tuesday, August 6, as Ether ETFs recorded $98.4 million in inflows. BlackRock again dominated, attracting a whopping $109.9 million in new investments. Moreover, Fidelity also performed well, bringing in $22.5 million.

Conversely, ETHE continued to struggle, with outflows reaching $39.7 million. The strong inflows on Tuesday provided a boost to the overall market sentiment, but the persistent outflows from Grayscale’s ETHE suggested caution.

The Outflow Trend Emerges

Midweek saw a shift in the trend. On Wednesday, August 7, the total net outflow for spot Ethereum ETFs amounted to $23.7 million. Grayscale’s ETHE faced an outflow of $31.9 million, overshadowing the modest inflow of $4.7 million into Fidelity’s ETH ETF. This reversal marked a turning point in the week, highlighting volatility.

On Thursday, August 8, the market continued to see outflows, although at a reduced pace. The total net outflow for Ether ETFs was $2.9 million. Grayscale’s ETHE led the outflows with $19.8 million, while its mini Ethereum ETF managed to attract $5 million in new investments.

BlackRock’s ETH ETF also saw positive inflows of $11.7 million, partially offsetting the broader trend of outflows. However, analysts from QCP Capital predicted further outflows from Grayscale’s ETHE in the coming week.

The week ended on Friday, August 9, with spot Ethereum ETFs recording a net outflow of $15.8 million. Despite this, the overall weekly total remained positive at $104.8 million. BlackRock’s Ethereum ETF once again led the inflows with $19.6 million.

Meanwhile, Fidelity’s FETH saw a more modest inflow of $3.9 million. On the flip side, Grayscale’s ETHE continued to face heavy outflows, losing $41.7 million. The cumulative historical net outflow for ETHE has now reached a staggering $2.29 billion.

Also Read: Cathie Wood Sells Ethereum Futures ETFs, Bearish Signal For Spot ETFs?

Will ETH Surge To $3000?

Despite the mixed performance of spot Ethereum ETFs, the price of ETH has remained relatively stable. The ETH price traded between $2,300 and $2,650 throughout the week. However, the market behavior suggests a potential shift in sentiment.

According to analysis from QCP Capital, there is a fundamental change in the liquidity profiles of Bitcoin (BTC) and Ethereum. While BTC is increasingly seen as “digital gold,” attracting institutional investors. On the contrary, ETH appears to be losing some of its appeal as a speculative asset.

This shift was evident in the price action on August 5, when ETH saw a 22% drop in value, compared to a 16% decline in BTC. The widening gap in implied volatility between BTC and ETH, which has grown from 5% to 20% since the introduction of spot Ethereum ETFs. This further supports the notion that investors are adjusting their strategies.

As Ethereum price hovers around the $2,600 level, bulls may attempt to push the price towards $3,000, as reported by coinpress earlier. However, technical indicators, such as the impending death cross between the 50-day and 200-day exponential moving averages (EMAs), suggest that selling pressure could increase. This could potentially drive ETH price down to $1,830.

Also Read: Solana Vs Ethereum: Experts Weigh On After Recent Market Crash

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Crypto industry veterans are extending full support in this crypto market crash by buying the dips. Tron founder Justin Sun, who’s been on an Ethereum accumulation spree since February 2024, purchased an additional 14,884 ETH on Monday.

Justin Sun Buying Ethereum

Blockchain analytics platform Spot On Chain reported that Tron founder Justin Sun purchased a staggering $36 million worth of Ethereum from Binance in the past ten hours. As said, this is part of Sun’s longer ETH accumulation strategy over the past few months, thereby taking his total ETH holdings to 392,474. The estimated purchase cost of these holdings is $1.19 billion with the current market value now under $1 billion amid the Ethereum price correction.

Justin Sun (@justinsuntron) withdrew 14,884 $ETH ($35.97M) from #Binance 10 hours ago!

This brought the total amount of $ETH he accumulated since Feb to 392,474 $ETH (est. cost: $1.19B, now worth: $995M).

Note that Justin Sun also deposited a net amount of 49M $USDT to #HTX in… pic.twitter.com/43dHfK4U74

— Spot On Chain (@spotonchain) August 6, 2024

As the ETH price tanked under $2,000 on Monday, there were strong rumors that more than $200 million in Justin Sun’s leveraged long positions were liquidated. However, Sun was quick to address this matter stating that the Tron team never indulges in leveraged trades.

The ETH price has shown a surge amid the broader crypto market recovery as the US recession fears abated to a great extent following strong PMI data and improving employment numbers. Currently, the ETH price is trading above $2,500 with its market cap regaining $300 billion.

Also Read: US Recession Fears Abating As Services PMI Hits 51.4%

Ether ETFs See Net Inflows

Despite the bloodbath on Satoshi Street on Monday, and ETH crashing under $2,000, the spot Ether ETFs saw net inflows yesterday. As per the data from Farside Investors, the net inflows in spot Ether ETFs stood at $48.8 million yesterday.

The BlackRock Ethereum ETF (ETHA) clocked inflows of $47.1 million while Grayscale’s ETHE saw $46.8 million in outflows. Fidelity’s FETH and VanEck’s ETHV saw inflows of over $16 million each.

This shows that institutional players continue to see long-term opportunities in ETH while seeing the dips as a buying opportunity.

Also Read: Bitcoin ETF: Europe’s Capula Management Discloses $500 Mln Holding

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The US recessionary fears have sent jitters across the asset classes with Bitcoin and the broader crypto market seeing major drops. The Ethereum price has crashed 6% going under $3,000, the level last seen in early July. Over the last week, the ETH price has tanked by more than 8.5% with analysts expecting further crash ahead.

Peter Schiff- Ethereum Can Go to $2K

The spot Ethereum ETFs have seen major outflows in the last two weeks since launch. Popular economist Peter Schiff highlighted this declining performance of Ethereum ETFs, dropping more than 15% in two weeks. As the ETH price stayed under $3,000, Peter Schiff predicted that it could crash further all the way to $2K.

On Friday, the spot Ether ETF saw net outflows of $54.3 million, per the data from Farside Investors. Grayscale’s ETH saw $61.4 million in outflows while Fidelity FETH saw $6 million in inflows. The rest of all other Ether ETFs in the US saw zero inflows yesterday.

Gold buff Peter Schiff took this opportunity to say that a US recession would be bullish for Gold. He explained that a recession could lead to much larger federal budget deficits, a weaker dollar, collapsing real interest rates, and much higher inflation. Also, he believes the Federal Reserve will potentially return to quantitative easing to monetize debt, stimulate the economy, and prop up markets, which could drive gold prices higher.

Interestingly, former President Donald Trump proposed to write crypto checks in order to clear some part of the US $35 trillion debt.

Also Read: Donald Trump Turns Down Debate With Kamala Harris

Altcoins Bleed Heavily

Along with Ethereum, the rest of the altcoins space is seeing massive correction with the top alts falling anywhere between 5-10%. Although the ALT whales have been buying the dips recently, the trading volumes haven’t picked up well.

CruptoQuant analyst Kate Young Ju highlighted the formation of the buy walls for ALTs paired against Bitcoin and stablecoins. However, she noted that the trading volumes remain low.

Young Ju emphasized that while buy walls are a positive sign, the much-anticipated “alt season,” characterized by a surge in trading volume, has not yet arrived. She said that this would be a good time to research some promising altcoins and prepare for the next bull run.

Buy walls are forming for altcoins with both stablecoin and #Bitcoin pairs, but volumes are still low.

If alt season means a surge in volume, it’s not here yet.

Now’s the time to research promising alts for the next bull run—time might be short once Bitcoin hits a new ATH. pic.twitter.com/v1133n6G9L

— Kate The Alt (@kate_young_ju) August 2, 2024

Also Read: Peter Schiff Warns US Recession & Inflation Spike Ahead

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