Ethereum Spot ETFs reported $75.21 Million in outflows, with zero funds recording inflows.
The following is a summary of the information that you will find on this page.
- Ethereum ETFs dropped $75.21M for the fourth consecutive day on December 5.
- ETHA from BlackRock was responsible for the withdrawal of all funds as sentiment declined.
- ETH availability on exchanges has reached a new low despite a negative market sentiment.
BlackRock’s ETHA was responsible for the total withdrawal. This is the fourth day in a row that Ethereum has been net-redeemed.ETH) ETFs.
ETH is currently trading at $3,000 with a 24-hour price range between $2,995.50 and $3,146.10. In the last 24 hours, the token’s price has fallen by 2.7% and in the past 30 day it is down 10.3%.
BlackRock has a fourth day in a row of net outflows
Since December 2, Ethereum ETFs lost capital, with $79.06, $9.91, and $41.57 millions in withdrawals, before the $75.21million withdraw on Thursday.
Fidelity FETH’s FETH generated $140.16 Million in new inflows.
BlackRock ETHA continues to be the largest Ethereum-based ETF. It has received cumulatively net inflows of over $13,09 Billion. Grayscale ETHE is holding a -$4.99billion in net outflows after converting to a trust. Fidelity FETH has received $2.62billion in inflows.
As of 5 December, the total net assets managed by Ethereum ETFs amounted to $18,94 billion. Total net flows across all funds totalled $12.88 billion.
On December 5, the total traded value was $1.77 Billion, compared to $1.75 Billion on the day before.
Bitcoin ETFs showed a different picture, with inflows of $54.79 millions on the 5th December. Bitcoin fund net assets reached $117.11billion with cumulative flows of $57.62billion.
The exchange supply is at a record low due to weak sentiment
The exchange balances for ETH fell to the lowest ever level of 8.84% total supply. This metric is compared to Bitcoin’s exchange balance of 14.8%, which suggests tighter ETH conditions.
“ETH keeps getting pulled into places that don’t sell: staking, restaking, L2 activity, DA layers, collateral loops, long term custody,” Milk Road is posted at X. The X account noted that, while market sentiment is heavy, the supply dynamics do not change based upon mood.
“ETH supply is tightening in the background while the market decides its next move. When that gap closes, price follows,” This post is stated.
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Source: crypto.news
