Ethereum Sees 226K ETH Accumulation Amidst $1B ETF Outflows
Ethereum has faced downward pressure since reaching an all-time high of $4,953 on August 24. Key points include:
- ETH is currently trading at $4,320, a 13% decline from its ATH.
- US-based spot ETH exchange-traded funds experienced net outflows of $1.04 billion from August 29 to September 8.
- On September 9, the same ETFs saw an inflow of $44.2 million, primarily driven by BlackRock’s ETHA fund.
- In the past week, approximately 226,400 ETH, valued at around $980 million, left centralized exchanges. Notable outflows included nearly 146,000 ETH from Kraken and over 105,000 ETH from Coinbase.
- Binance and Bybit recorded inflows of 34,500 ETH and 20,400 ETH, respectively.
- Market sentiment may be influenced by expectations of a Federal Reserve rate cut, which could benefit overall crypto market momentum.
- To strengthen bullish trends, ETH needs to surpass the $4,500 resistance level.