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COINTURK NEWS > Altcoin News > Spot Ethereum ETFs Attract Renewed Interest Following Federal Reserve Rate Cuts
Altcoin NewsCryptocurrency News

Spot Ethereum ETFs Attract Renewed Interest Following Federal Reserve Rate Cuts

In Brief

  • Spot Ethereum ETFs drew over $85 million in inflows this week.

  • Institutional sales of ETH assets continued despite rising ETF interest.

  • Increased liquidity may support Ethereum's price stability.

Fatih Uçar
Fatih Uçar 7 months ago
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Following weeks of low demand, the increase in global liquidity after the Federal Reserve’s interest rate cuts has revitalized interest in spot Ethereum $2,493 ETFs. Despite a rough start to the week, inflows into spot Ether ETFs have risen again. With increasing market liquidity, institutions are once again focusing on Ethereum investment products. This trend has helped maintain Ethereum’s price stability, even as ETH whales sold off their assets last week.

Contents
Inflows Exceed $85 Million in Spot Ethereum ETFsETH Whale Sales Continue

Inflows Exceed $85 Million in Spot Ethereum ETFs

This week, total inflows into spot Ether ETFs surpassed $85 million after several weeks of outflows. The rise in Ethereum’s price to the $2,700 level and its approach toward the $3,000 target contributed to this increase.

On Friday, September 27, inflows into spot Ethereum ETFs reached $58 million. Fidelity’s FETH received the highest inflows at $42.5 million, while BlackRock’s ETHA followed with $11.5 million. Grayscale’s ETHE experienced an outflow of $10.7 million.

Earlier this week, Ether ETFs saw outflows totaling $80 million. Following significant outflows from Grayscale’s ETHE, BlackRock refocused its investments to attract new inflows.

ETH Whale Sales Continue

While inflows into Ethereum ETFs are increasing, recent on-chain data indicates that institutions sold off their ETH assets during the recent price rise. According to LookonChain, two significant institutions have begun selling Ethereum.

Data shared by LookonChain reveals that Cumberland and ParaFi Capital executed substantial ETH sales.

Additionally, 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 This whale had withdrawn a total of 21,632 ETH from ShapeShift and Poloniex back in 2016.

According to Spot On Chain, this old Ethereum whale resumed selling after four months of inactivity.

It appears that the inflows into spot Ethereum ETFs have largely balanced out the sales conducted by ETH whales last week. In the current Ethereum market, increasing interest in ETFs is expected to stabilize the selling activity of large investors, potentially helping Ethereum maintain its price stability.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
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 conduct their own research.

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Fatih Uçar 28 September, 2024 - 11:38 am 28 September, 2024 - 11:38 am
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