Last week's ETF data was not great; it's still spot ETH. Although last Friday was not the worst day in history, it was indeed the day when BlackRock reduced its holdings the most, selling nearly 30,000 ETH. The combined reduction from Grayscale's two funds also exceeded 18,000 ETH. Although only these three entities reduced their holdings, the total amount approached 50,000 #ETH.
Among U.S. institutions, only Fidelity and VanEck combined have increased their holdings by over 5,000 ETH; the rest are at zero. From the data, it can be described as dismal, especially since BlackRock, which has been buying heavily, showed such a large sell-off. Many investors are feeling quite negative, but looking at BlackRock's current holdings data, they held a total of 1,047,490 ETH last Thursday, reducing their holdings by 29,988 ETH, which is equivalent to a reduction of 2.86% of the total, not too significant.
Moreover, from the weekly data, BlackRock still increased its holdings by 33,923 ETH in the twenty-second week, so the data isn't too terrifying. Of course, if there were such large reductions every day continuously, that would indeed be a problem. However, with Christmas approaching, the level of selling should decrease.
As for Grayscale's $ETHE, there are still 1,421,790 ETH available for sale.
From the weekly data, the figures for the twenty-second week are not good, marking the lowest week in four consecutive weeks. The net purchasing power of U.S. investors decreased by 71.5% compared to the twenty-first week. It seems that investor sentiment has reached an extreme low. Now, let alone FOMO sentiment, after the Federal Reserve's crackdown, investor confidence needs to be rebuilt, which may not happen until after January next year.
The data has been updated, address: https://docs.google.com/spreadsheets/d/1W7JJ8lMQiUUlBb9U-BvFoq2H-2o5CpUuPO4D_KK3Ubw/edit?usp=sharing
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