At the start of the new week, the spot Ethereum fund experienced a massive sell-off, with nearly $200 million flowing out on Monday, continuing the trend that began last week.
The spot Ethereum (ETH) exchange-traded fund (ETF) saw outflows of $196.7 million, marking the second-largest single-day outflow since its launch. According to SoSoValue, Monday's outflow was only surpassed by the $465 million on August 4.
The latest outflow follows Friday's $59 million, bringing the total outflow over two days to $256 million.
Nevertheless, compared to the record inflow of $3.7 billion over the previous eight trading days, when certain single-day inflows exceeded $1 billion, the outflow remains relatively mild.
According to Farside, BlackRock and Fidelity were the largest issuers of ETH ETF outflows on Monday, with outflows of $87 million and $79 million, respectively.
On Friday, Fidelity's Ethereum fund (FETH) saw outflows of $272 million, significantly contributing to the day's total outflow of $59 million.
BlackRock has become one of the largest institutional holders of Ethereum. According to official data from the iShares Ethereum Trust ETF (ETHA), as of Friday, the fund held approximately 3.6 million ETH, valued at $15.8 billion.
Since then, the dollar value of ETHA's holdings has decreased by 1.5%, down to $15.6 billion reported on Monday.
During this period, according to CoinGecko, the price of ETH has dropped by about 6.5%.
Against the backdrop of Ethereum ETF fund outflows and ETH price volatility, the exit queue continues to grow, with the total amount of Ethereum validators waiting to withdraw from the staking pool reaching new highs.
Data from the third-party site ValidatorQueue tracking the Ethereum proof-of-stake (PoS) network shows that the validator exit queue hit a new high on Tuesday, reaching 910,000 ETH, approximately $3.9 billion.
Additionally, the data indicates that validators currently need to wait at least 15 days and 14 hours to complete their ETH exits.
Some cryptocurrency market observers warn that the continued growth of the ETH exit queue may have adverse effects, suggesting that an "exit wave" may be imminent.
"A reversal will never happen, but the exit wave is coming," Bitcoin (BTC) supporter Samson Mow wrote on the X platform last Thursday.
According to TradingView data, the ETH/BTC price may fall back to "0.03 or lower." As of the time of writing, the ETH to BTC exchange rate is 0.036 BTC.
In terms of fund inflows over the past few weeks, the spot Ethereum ETF has surpassed the Bitcoin ETF, indicating that investor demand for ETH is gradually exceeding that for BTC.
According to data analysis released by Dragonfly analyst Hildobby, as of Monday, the ratio of BTC supply to BTC held by ETFs is 6.4%, while the ratio of ETH supply to ETH held by ETFs is 5%.
"If the current growth rate continues, the ETH-ETF will surpass the BTC-ETF in September, becoming the leader in terms of total supply percentage," the analyst predicted on Monday.
Related: Ethereum Hits Highest Weekly Close in Four Years: Watch These ETH Price Levels
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