As of September 12, 2024, Eastern Time, Spot Ether ETF had $20.1 million in net outflows. It was majorly, or rather only, led by Grayscale’s ETHE negative flow of the same amount. The issuer has the highest fees in the market of 2.5%, trailing only ETHA, which has 0.25% fee coverage. The historical cumulative net outflow now stands at $582.9 million.
BlackRock did not report its numbers, nor did any other issuer. The collective net outflow has entered its second consecutive day, having reported a similar sentiment of $0.5 million on the previous day, that is, September 11, 2024.
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The previous day was supported by Fidelity’s FETH, or the flow would have been outward for $1.7 million. Fidelity’s $1.2 million balance helped ease the movement a bit. Analysts believe that there has to be a growth in the Open Interest of Ethereum for the ETF to mark an uptick. Alternatively, a rising Ethereum exchange reserve is likely to increase the selling pressure.
This is based on the premise that a larger exchange reserve increases the likelihood of token sales in the market. This can lead to negative sentiments when the value drops during a period of high-selling activity. The last time BTC encountered a similar situation was during the release of Grayscle’s holdings. Its sentiments are now shared by Ether ETFs. Ethereum’s reserve is reportedly up by more than 94,000 Ether. This roughly translates to $220 million.
That said, the price of ETH is $2,347.91 at the time of writing this content. This value reflects a drop of 0.82% in the last 24 hours and 1.24% in the last 7 days. The 24-hour trading volume is also down, at 27.68%. Analysis of the 50-day SMA demonstrates that the token is undervalued and due for a surge, according to ETH projections. It shows a value of $2,696.95. The 200-day SMA, however, has a higher value of $3,155.87, indicating that the value will eventually rise in the future.
Ether’s volatility is 5.71% at the moment. According to near-term projections, the second-ranked token’s market cap is expected to rise by 7.15% in the next 30 days. That will bring Ethereum to $2,562.81. Other factors, such as rate cuts and recession reports, will contribute to a surge or decline. The last time Ethereum closed above $3,000 was at the end of the monthly period from July 01 to August 01, 2024.
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As for Spot Ether ETF, it may see another net outflow. BlackRock is yet to report its numbers. The last time it did was on September 10, 2024, with an inflow of $4.3 million. It added to the positives of Fidelity, which had a flow worth $7.1 million.
