- Ethereum ETFs saw record weekly inflows of $515 million.
- Meanwhile, ETH is down 1.85% over the past week.
Since the adoption of Ethereum [ETH] ETFs in July, the market has struggled to register sustained inflows. However, the past two weeks have been… Ethereum ETFs have seen increased interest.
A major reason for this was the continued influx of institutional investors in anticipation of a bull run.
Spot Ethereum ETFs See Inflows
According to AMBCrypto’s analysis of Soso valueEthereum ETFs saw massive inflows between November 9 and 15. During this period, ETH ETFs saw record inflows of $515.17 million.
Source: Sosowaarde
This level is provisionally created after a sustained positive inflow for three weeks. While the weekly inflows were a notable record, November 11 saw the largest daily inflows, peaking at $295.4 million.
Amid this, Blackrock’s ETHA witnessed the highest total inflows of $287 million, increasing its total to $1.7 billion.
In second place was Fidelity’s FETH, which saw its market grow to $755.9 million with inflows of $197 million during the period.
Meanwhile, Grayscale’s ETH inflows reached $78 million, while Bitwise’s number reached $54 million.
These were the biggest winners during this period, while others such as ETHV and 21 Shares saw modest inflows. With these increased inflows, Ethereum ETFs stood at $9.15 billion.
Implication on the ETH price chart
While such inflows are expected to have a positive impact on ETH’s price chart, that was not the case on this occasion. During this period, ETH fell from a high of $3446 to a low of $3012.
Even on November 11, when the inflows were the largest on the daily charts, ETH fell.
This trend has continued even as of this writing. In fact, at the time of writing, Ethereum was trading at $3,122, marking a moderate decline on the daily and weekly charts, down 1.22% and 1.85% respectively.
Source: TradingView
These market conditions suggested that ETH was struggling with bearish sentiment in a bull market.
Such market behavior was evidenced by ETH’s RVGI line making a bearish crossover and falling below the signal line. This suggests that the upward momentum is weakening, indicating a possible trend reversal.
Source: CryptoQuant
Furthermore, Ethereum’s net flow has remained positive over the past four days, implying that there have been more inflows into exchanges than outflows. Events like these show that investors lacked confidence.
Although Ethereum ETFs have experienced record inflows, this has not yet had a positive impact on the ETH price charts. On the contrary, the altcoin has decreased in value during this period.
Read Ethereum’s [ETH] Price forecast 2024–2025
Prevailing market conditions indicated a possible pullback. If this happens, ETH will find support around $3000.
However, since the crypto market is still in an uptrend if the bulls regain control, ETH will regain the resistance at $3200 in the near term.
