Ethereum exchange-traded funds end a buying streak with net outflows of $42.3 million; the 21Shares fund is the only one to see inflows yesterday.
Data from December 11 shows a decline in institutional flows, thus ending the previous gains of Ethereum exchange-traded funds.
🔸 The total net outflows from Ethereum spot exchange-traded funds reached $42.37 million. It seems that the market trend is leaning towards profit-taking or rebalancing investment portfolios.
🔸 Amidst this bleak atmosphere, the 21Shares fund (TETH) was the only fund to record positive flows with a modest net purchase of $2.08 million, bringing its total cumulative inflows to $23.25 million.
🔸 The Grayscale fund (ETHE) continues to represent the largest dampening factor, recording a net outflow of $31.21 million. Notably, the total outflows from Ethereum (ETHE) have officially surpassed $5 billion.
The continuation of these outflows is leading to ongoing selling pressure on the price of Ethereum. Can the bulls absorb this supply to maintain the support area?
This information is for reference purposes only and is not investment advice. Please read it carefully before making any decisions.
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