EthereumEthereum, the second-largest crypto asset, is currently in the spotlight as crypto investors have recently shown renewed interest in historic Ethereum exchange-traded funds (ETFs). Millions of dollars were seen flowing into the products after the market closed on Wednesday.
Inflow is considered a bullish indicator for Ethereumindicating that despite recent market setbacks, crypto enthusiasts are becoming increasingly optimistic about the altcoin’s long-term potential.
Ethereum ETFs See First Positive Inflows in Nearly Two Weeks
On Wednesday, Ethereum ETFs rose again. to attest Positive capital flows. The surge in flows comes after a period of outflows and stagnant activity, indicating a return of investor interest and confidence in digital assets as they recover.
According to reports from Wu Blockchain, a popular cryptocurrency and blockchain media outlet, Ethereum exchange-traded funds (ETFs) have recorded a total daily inflow of over $5.84 million. This positive inflow represents First positive trade In about two weeks, specifically in nine days.
Data from popular media shows that BlackRock’s Ethereum ETF (ETHA) contributed significantly to the total inflows, with over $8.39 million of capital flowing into the funds. Additionally, Fidelity’s Ethereum ETF (FETH) also recorded positive capital inflows, worth around $1.25 million.
Other asset managers, such as Bitwise ETH ETF (ETHW), 21Shares ETH ETF (CETH), VanEck ETH ETF (ETHV), and Franklin ETH ETF (EZET), saw no inflows. Meanwhile, Grayscale ETH ETF (ETHE) saw capital outflows, worth nearly $3.8 million.
since Institutional and individual investors Ethereum appears to be making a comeback, and the community is speculating that this development could signal the beginning of Ethereum’s recovery phase.
Massive ETH Whale Sell-Off Amid Spot ETF Outflows
While Ethereum ETFs showed bearish sentiment, several Ethereum whales were also seen dumping the digital asset. Thousands of Ethereum were sold off massively, causing a frenzy in the crypto community about the impact on its price.
One of the most significant ETH sell-offs recently was carried out by Ethereum Foundationa non-profit organization established to help the ETH blockchain network and its ecosystem financially and non-financially.
according to Data From Spotonchain, the foundation, in a strategic sale, moved over 35,000 ETH, worth $93.8 million, to San Francisco-based cryptocurrency exchange Kraken on August 23. Meanwhile, just days after the massive deal, the price of ETH dropped by 9%.
Spotonchain highlighted that the institution has Ethereum is constantly being transferred. Before the massive sell-off in 2024. Despite these massive sales, the organization’s holdings still include around 275,000 ETH, worth a staggering $677 million.
Featured image from Unsplash, chart from Tradingview.com