Ether ETF inflows have turned positive for the first time in more than two weeks, thanks in large part to BlackRock’s ETF. It was the first day of gains since August 14 that U.S. spot Ether ETFs saw a total net inflow of $5.9 million.
A report from Farside Investors said that BlackRock’s ETF (ETHA) led the rise with a $8.4 million inflow.This change was helped by less money leaving Grayscale’s Ether ETF (ETHE). With $3.8 million, it was the smallest daily loss in more than two weeks.
Ether ETFs Face Pressure
But Grayscale has sold more than $2.5 billion worth of Ether since the ETFs started trading on July 23. This could make it easier for people to sell in the future.Even though U.S. Ether ETFs made a historic debut on July 23, the price of Ether has dropped.
It went from $3,441 at the beginning to $2,561 as of 2:14 pm UTC, a drop of over 25%. Ether is up almost 13% so far this year and over 56% in the last year.
Analysts thought that the launch of Ether ETFs would give the price a big boost, similar to the launch of Bitcoin’s spot ETFs, which led to 75% of new investments in BTC and helped it pass $50,000 by mid-February. Aurelie Barthere, Nansen’s principal research analyst, says that Ether is still below the important $2,700 resistance mark.
Coinglass data shows that if the price of bitcoin goes up above $2,700, over $362 million in leveraged short bets on different cryptocurrency exchanges could be closed. As the market returns from the lack of liquidity in the summer, traders are now looking to October for a possible break above $3,000 for Ether.
