Spot Ethereum exchange-traded funds (ETFs) based in the U.S. have experienced four days of net outflows in a row. This was in a reduced trading week because of the Labor Day holiday in the U.S. The outflows are on the heels of a robust August where Ethereum ETFs posted net inflows of $3.87 billion. In the meantime, according to Farside, Bitcoin ETFs recorded an outflow of $751 million over the same period.
Friday, Ethereum ETFs declined by 446.8 million. The net outflows totalled $787.6 million over the four-day period. At the same time, Bitcoin ETFs took in net inflows of $250.3 million. This comparison shows that investor sentiment towards the two major cryptocurrencies differed.
Source: SoSo Value
Outflows notwithstanding, not all players in the market are pessimistic. People anticipate rises in inflows in the near future, particularly provided Ethereum continues to trend upward. According to crypto trader Ted, inflows are coming back, assuming Ethereum carries on this pump. This mood indicates optimism about Ethereum despite the relatively recent declines.
The price of Ether has decreased slightly within the last seven days. It went down by $3.61, trading at $4,296. Even though the downward trend exists, Ethereum still has a promising future in the market. The Crypto Fear and Greed Index has indicated a balanced readings among investors in the last two days with neutral readings.
Ethereum proponents remain optimistic about the future of ETH. BitMine Chairman Tom Lee continued to predict bullishly on ETH. In a Medici Presents: Level Up podcast, he remarked that ETH would have the potential to hit $60,000 one day. He further likened the prospect of Wall Street being interested in ETH to a situation in 1971, which would lead to considerable expansion.
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BitMine has approximately $8 billion in Ethereum and is the biggest Ether treasury corporation. The StrategicETHReserve data has indicated that Ether treasury companies currently own 2.97 percent of the ETH total supply. This represents a figure of $15.49 billion upon publication that demonstrates institutional support for ETH.
Whale activity is also one of the factors that have led to increased trust in ETH. Crypto sentiment platform Santiment claims that Ether whales have been adding to their holdings. Whales holding 1,000 to 100,000 ETH have gained 14% of the coins since the price of ETH fell to annual lows in April. This implies great confidence in the long run worth of ETH.
Source: X
Fundamentally, the latest outflows have not discouraged ETH enthusiasts. The market and investors are still confident in the future of ETH. Although the atmosphere is slightly bad in the short term, a considerable number of people estimate that the ETH foundations are solid.
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