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- Ether's (ETH) price declined by more than 7% on Thursday following the intense pressure created by outflows from Grayscale's spot Ethereum ETF (ETHE), resulting in a net outflow of $133.16 million for the funds on July 24th.
- ETH is following the same pattern as BTC. When the spot Bitcoin ETFs were launched, Bitcoin's price dropped by over 10% before it surged by 90% to record a new all-time high within two months.
- Crypto analyst Michael de Poppe predicts Ethereum to experience a tremendous price rally in the coming weeks that will see it trade between $4,000 and $7,500.
- Traders are suggesting that Ethereum's recent drop to the $3,000 range is a buy position that will be short-lived before the cryptocurrency targets its all-time high of 4,890, set in November 2021.
On their second day of trading, the eight newly launched spot Ethereum exchange-traded funds (ETFs) experienced a net inflow of $193.69 million. However, the massive selling pressure caused by investors moving funds out of the Grayscale Ethereum Trust (ETHE) resulted in a net outflow of $133.16 million on Wednesday.
Outflows from ETHE swallowed all the gains made by the spot Ethereum ETFs, bringing their total net outflow to $26.38 million. The total trading volume of the funds on Wednesday stood at $1.05 billion.
Ethereum Declines By 7% Due To Massive Outflows From The Grayscale Ethereum Trust (ETHE) ETF Ethereum's price is down more than 7% in the past 24 hours, dipping below the closely watched $3,500 mark. ETH has been fluctuating ever since the debut of the spot Ethereum ETFs on Tuesday.
The world's second-largest cryptocurrency by market capitalization also sustained $124.78 million worth of liquidations over the day. This is 25% more than the liquidations on BTC.
