Ethereum ETFs Experience Record Outflows as ETH Price Faces $3,000 Test
Recent outflows from Spot Ethereum ETFs have reached $465.06 million, marking the largest since their inception, contributing to bearish sentiment for ETH. The price has declined from a six-month high of $3,900 and is approaching the psychological support level of $3,000.
Key Points
- Net outflow of $152.26 million recorded on August 1, ending a streak of 20 days of inflows.
- Outflows signal profit-taking, potentially increasing selling pressure as fund issuers sell coins to redeem shares.
- Short-lived outflows: net inflows of $73.22 million and $35.12 million occurred on August 5 and 6.
- ETH price rebounded to $3,700 following the recent inflows.
- Companies like BitMine are expanding their treasuries, with BitMine holding over 833,000 ETH, the largest treasury globally.
Price Predictions
- Arthur Hayes predicts ETH may retest the $3,000 level due to market conditions and recent tariffs.
- Technical analyst Titan of Crypto suggests an uptrend is possible, indicating a Bull Pennant pattern that could target $5,000 if confirmed.
Currently, the Ethereum price is around $3,680, showing an increase of nearly 2% in the last 24 hours.
