Ethereum ETF Sees Outflows Despite ETH Price Increase
Ethereum’s exchange-traded fund (ETF) experienced significant outflows despite Ethereum’s positive price performance, indicating short-term profit-taking. The ETF saw over $20 million in outflows, even as Ethereum lost most of its gains from the previous trading session.
Recent data showed that the Ethereum ETF faced negative flows for the second consecutive day, despite Ethereum’s price closing positively in the previous session. The outflows persisted on the 12th of September, with other US-based ETFs showing zero net flow except for Grayscale, which recorded an outflow of $20.14 million, bringing the overall net asset value to around $6.45 billion.
The outflows from the ETF may suggest investors taking profits or reallocating funds, even as Ethereum’s price trended positively. This pattern indicates potential short-term repositioning among institutional investors, while retail and direct market demand for Ethereum remains robust, potentially supporting price stability or growth despite the ETF outflows.
Analyzing Ethereum’s daily price chart, it closed the last trading session with nearly a 1% increase, reaching around $2,361. However, at the time of writing, Ethereum had lost most of those gains, trading at approximately $2,350, reflecting a 0.45% decline.
ETH’s price has struggled to climb towards the $2,500 level, with the short-moving average acting as a key resistance near this price area. The resistance at around $2,500 has proven to be a significant hurdle for Ethereum’s price momentum.
Despite the ETF outflow trends, analysis of Ethereum holders’ data revealed a continuous growth in the number of ETH holders, surpassing 127 million at the time of writing. This increase in holders with non-zero balances suggests active accumulation of ETH, indicating a positive trend amid the current subdued price movements and resistance around the $2,500 level.
