There is no doubt about how impressive the performance of the US-based Ethereum ETF is (Exchange-Transacted funds) have been in the past quarter. However, crypto-related investment products are off to a nightmare start until September.
Just as ETH prices are falling, the cryptocurrency market appears to be witnessing a stage of investor uncertainty and indecisiveness. These struggles appear to have been translated into performances of Ethereum ETF in the end.
Ethereum ETFS records $446 million spill to close the week
According to the latest market data, the US Ethereum ETF Market has recorded a total net flow of $78774 million over the past week. This is the worst performance since its release. It was the withdrawal on Friday, September 5th that primarily contributed to this important figure.
BlackRock’s Ishares Ethereum Trust (The The The Etha) witnessed the most important thing on the day, with a total net spill of $309.88. Grayscale’s Ethereum Trust (ETHE) followed in second place, seeing a net withdrawal of $51.7 million to close the week.
The Fidelity Ethereum Fund (Feth) and Grayscale’s Ethereum Mini Trust (ETH) recorded daily net outflows of $37.7 million and $32.62 million, respectively. 21Shares Ethereum ETF (TETH) was the only other spot ether fund to record its activity on Friday, with a net outflow of $14.68 million.
Source: SoSoValue
Friday had no single positive influx date in September so far. As mentioned earlier, Friday’s performance of minus $450 million boosted weekly record to nearly $790 million. This is the best drawer Ethereum ETF has recorded in a week.
Ethereum prices are under $4,500, which is a pain
Less than two weeks later, the price of the Ethereum was on the verge of breaking the $5,000 mark for the first time, with the Ethereum price set to the newest of all time. However, Altcoin has since struggled to exceed $4,500, falling into a serious bear pressure.
The performance of the Ethereum ETF over the past week is expected to reflect Altcoin’s dull price action. At the time of this writing, the Ethereum token was valued at around $4,276, reflecting a nearly 1% decline over the past 24 hours. According to Coingecko data, the second-largest cryptocurrency has dropped by 2% over the past seven days.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
ISTOCK featured images, TradingView chart
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