- With an outflow of $133.3 million, Grayscale’s ETHE was the most heavily hit.
- The price of Ethereum fell from $3,340 to about $3,150, reflecting this reduction.
Another large outflow of $77.2 million occurred on Wednesday, July 31, in Spot Ethereum ETFs. Although there was a recovery on Tuesday, this indicates that the declining trend in flows has persisted. Furthermore, the Federal Reserve’s decision to leave interest rates steady is accompanied by these outflows, which indicate a pessimistic outlook.
With an outflow of $133.3 million, Grayscale’s Ethereum Trust (ETHE) was the most heavily hit. In just seven trading days, its total has reached approximately $2 billion. In addition, the price of Ethereum fell from $3,340 to about $3,150, reflecting this reduction.
A small inflow of $5 million was recorded by BlackRock’s Ethereum ETF (ETHA). But with the day’s greatest inflow of $18.8 million, Franklin Templeton’s FETH stood out. Bitwise’s ETHW and VanEck’s ETHV both had $4.8 million and $4.7 million inflows, correspondingly.
Despite these encouraging developments, eight Spot Ethereum ETFs have had a total net outflow of $483.6 million in the last seven trading days. The decision by the Federal Open Market Committee (FOMC) to keep interest rates at 5.50% coincided with these withdrawals.
Ethereum Foundation Selling Spree
Data from Arkham Intelligence showed that an address affiliated with the Ethereum Foundation is selling ETH, which added to the market’s confusion. It traded 497,250 DAI for 150 ETH on Wednesday using the Cow Protocol. On top of that, it fits in with a pattern that has been there since the new year began.
Every few weeks, this address has been trading Ethereum for DAI. The 92,500 ETH, or around $294.9 million, was moved from one Ethereum Foundation wallet to another wallet on July 26, according to blockchain analytics company Lookonchain. This heightened market volatility in the lead-up to the debut of the Spot Ethereum ETF.
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