Ethereum ETFs End 8-Day Inflow Streak with $8.54 Million Outflow
Spot Ethereum ETFs experienced an $8.54 million outflow on October 9, ending an eight-day streak of net inflows as Ethereum declined nearly 2% in 24 hours to around $4,357. Despite increased trading volume by 15%, the asset dropped about 3% over the past week.
- Bitcoin ETFs saw $198 million in net inflows, marking their ninth consecutive day of gains.
- The shift indicates changing investor sentiment from ETH to BTC, potentially delaying an altcoin season.
Staking Additions to ETFs
- 21Shares updated its Ethereum ETF (TETH) by adding staking and waiving a 0.21% sponsor fee for one year starting October 9.
- Grayscale had previously integrated staking into its US-based Ethereum ETF.
These changes aim to enhance crypto ETFs' appeal by offering staking rewards to investors.
ETH Price Analysis: Resistance Near ATHs
- Ethereum trades within an ascending channel, supported by a trendline from 2022 lows.
- The weekly chart shows resistance near $5,000, historically a strong supply area.
- MACD remains bullish, and Chaikin Money Flow is positive, indicating ongoing accumulation.
- A breakout above $4,800–$5,000, with volume support, could lead to new highs; failure may result in a pullback toward $4,000.
ETH price action inside bullish structure | Source: TradingView
Analyst Insights
- Analyst Ali Martinez highlights the $4,000–$4,800 range as a "danger zone" due to repeated sell pressure leading to corrections.
- Past rallies into this range faced substantial sell-offs, some between 30–60%, including a recent drop to $4,336.