Ethereum Price Remains Stagnant Despite 19-Day ETF Inflow Streak
The price of Ethereum has remained stable since early June, despite substantial capital inflows into US spot Ethereum exchange-traded funds (ETFs).
ETH ETFs End Positive Inflow Streak
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<li Spot ETH ETFs recorded their first net outflow in 20 days on June 13, totaling $2.14 million.
<li This outflow coincided with rising geopolitical tensions between Israel and Iran.
<li The Fidelity Ethereum Fund (FETH) accounted for most withdrawals, with a net outflow of $8.85 million.
<li Grayscale's Ethereum Mini Trust (ETH) posted a positive inflow of $6.67 million on the same day.
<li Despite this single-day outflow, the total inflow over the past week reached $528.12 million, leading to a cumulative influx of $1.384 billion over five weeks.
Ethereum Price Performance
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<li Historically, significant capital inflows into spot ETFs have correlated with upward movements in Ethereum's price.
<li However, during the recent 19-day inflow period starting May 16, Ethereum's price fluctuated between $2,500 and $2,600 without sustained growth.
<li Although it briefly exceeded $2,800 on June 12, it fell back to around $2,511, reflecting a decline of over 1% in the last 24 hours.
<li Concerns remain regarding factors hindering the performance of Ethereum, the second-largest cryptocurrency.