Ethereum Price Drops 12% As Spot ETFs Witness Significant Net Outflows

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	390,922,201,189	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

390,922,201,189

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-88.56	-2.65%	3,247.67	3,247.66	3,247.67

Price Change

Price Change %

Current Price

Bid Price

Offer

-88.56

-2.65%

3,247.67

3,247.66

3,247.67

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,400.23	3,241.45	3,323.24	3,336.23	2,080.02 - 4,109.67

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,400.23

3,241.45

3,323.24

3,336.23

2,080.02 - 4,109.67

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:18:29	0.000996	3,236.10	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:18:29

0.000996

3,236.10

USD

Price x Volume	Volume	Base Symbol	Related Pairs
215,751,278.13	64,871.21	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

215,751,278.13

64,871.21

Ethereum Price Drops 12% As Spot ETFs Witness Significant Net Outflows

22/12/2024 12:00pm

NEWSBTC

The Ethereum price has been a joy to watch in recent weeks after initially struggling to keep pace with other large-cap cryptocurrencies. However, the past week will be a quick one to forget for the crypto market, especially the altcoin, which declined in value by over 12%. While this price slump experienced by Ethereum has been linked to the US Federal Reserve rate cut, the recent drab performances of the spot ETH exchange-traded funds (ETFs) could also be associated. After a lengthy spell of positive inflows, investor interest in the US-based ETH ETFs seems to be losing momentum. Spot ETH ETFs Snap 18-Day Positive Inflows Streak According to data from SoSoValue, the US-based spot Ethereum ETFs logged a total net outflow of $75.11 million on Friday, December 20. This marked the first time the Ethereum funds would be registering back-to-back negative performances. On Thursday, December 19, the Ethereum exchange-traded funds recorded a total net outflow of $60 million. This single-day performance put an end to the ETH ETF’s 18-day streak of positive inflows and the first negative day in December for the products. Related Reading: XRP Could Be The Altcoin To Recover Quickly, CryptoQuant Analyst Explains Why Surprisingly, BlackRock’s Ethereum Fund (with the ticker ETHA) was the only spot ETF that recorded outflows on Friday. According to market data from SoSoValue, the ETHA exchange-traded fund posted nearly $103.7 million to close the week. Meanwhile, Fidelity’s Ethereum Fund (with the ticker FETH) recorded $12.95 million in net inflow on Friday. Grayscale’s Ethereum Trust (ETHE) and Mini Trust (ETH) were the only other ETFs that registered positive inflows on the day, with $7.51 million and $8.10 million, respectively. These back-to-back days of negative performances saw a net $135 million flow out of the ETH exchange-traded funds in just two days in the past week. However, the crypto products finished with a weekly total net inflow — for the fourth consecutive week — of $62.73 million. Similarly, the spot Bitcoin ETFs appear to be losing interest from investors, as most funds recorded outflows to close the past week. The crypto products registered a daily net outflow of approximately $276 million on Friday. Ethereum Price As of this writing, the Ethereum price stands at around $3,342, reflecting a 2.4% decline in the past 24 hours. Given their impact on the value of ETH, it might be important for the spot ETFs to return to positive inflows if the Ethereum price is to see any relief. Related Reading: Bitcoin Drops Below $98K—Is This the Perfect Buying Opportunity for Investors? Featured image from iStock, chart from TradingView

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