ETH Price Falls Below $4,000 as Ethereum ETF Flows Turn Negative
The recent FOMC meeting and Fed rate cut announcement resulted in a bearish trend for the crypto market.
ETH Price Decline
- Ethereum's price fell below the $4,000 support level, dropping 3% in the last 24 hours.
- ETH futures open interest decreased by 2.7% to $46 billion.
- Market analysts suggest either a bear trap or significant market decline.
- If ETH falls further, it could drop towards $2,200.
Ethereum ETF Flows
- Spot Ethereum ETFs in the U.S. experienced negative flows totaling $84 million on October 29.
- Fidelity’s FETH saw outflows of $69.5 million, while Grayscale’s ETH recorded $16.2 million in outflows.
- In contrast, BlackRock’s ETHA had positive inflows of $21.4 million.
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