After the last few weeks of low demand, global liquidity increases after Fed rate cuts spot Ethereum $2,668 It has revived interest in ETFs. After a poor start to the week, inflows into spot Ether ETFs increased again. With the increase in liquidity in the market, institutions are turning to Ethereum investment products again. This ensured that the Ethereum price remained firm despite ETH whales selling last week.
Inflows Over $85 Million in Spot Ethereum ETFs
This week, total inflows into spot Ether ETFs rose above $85 million after several weeks of outflows. The Ethereum price rise to $2,700 and its move towards the $3,000 target contributed to this increase.
On Friday, September 27, inflows into spot Ethereum ETFs totaled $58 million. Fidelity FETH was the ETF with the most inflows, with $42.5 million. BlackRock’s ETHA ranked second with $11.5 million, while Grayscale ETHE had an exit of $10.7 million.
Earlier this week, Ether ETFs experienced outflows of $80 million. Following Grayscale ETHE’s big breakout, BlackRock brought back inflows with a renewed focus on investments.
ETH Whale Sales Continue
While Ethereum has seen inflows into ETFs, recent on-chain data shows institutions selling ETH holdings during the recent price increase. According to LookonChain data, two major institutions have started selling Ethereum.
According to data shared by LookonChain, Cumberland and ParaFi Capital sold a significant amount of ETH.
On the other hand, an old Ethereum whale wallet sold 12,979 ETH for $34.3 million this week. This whale had withdrawn a total of 21,632 ETH from ShapeShift and Poloniex in 2016.
The former Ethereum whale sold again this week after four months of silence, Spot On Chain noted.
It appears that inflows into spot Ethereum ETFs have largely offset the selling by ETH whales over the past week.
In the Ethereum market, which is on a course, sales by large investors are expected to be balanced with increasing interest in ETFs. This could help Ethereum maintain price stability.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
