Key Points:
The Ethereum ETF listed in the U.S. saw an outflow of $300 million, accounting for only 1.3% of managed assets.
Derivatives positions and a stable long-short ratio indicate that despite leveraged long liquidations, the support at $4,300 remains strong.
Ethereum (ETH) rose 4.7% on Wednesday, breaking a seven-day downward trend and moving further away from the $4,300 mark. Derivatives data shows that despite significant capital outflows from the U.S.-listed spot Ethereum (ETH) ETF, market resilience persists, although traders are beginning to question whether Ethereum (ETH) can break through $5,000 in the coming weeks.
The U.S.-listed spot Ethereum (ETH) ETF experienced a net outflow of $300 million within two trading days, reversing six consecutive days of inflows. Although substantial, this only represents 1.3% of total managed assets. Previously, strong inflows into the ETF and corporate accumulation drove Ethereum (ETH) up 33% in the first three weeks of August.
From a trading perspective, since August 28, Ethereum (ETH) volatility has led to liquidations of leveraged long positions totaling $344 million, a factor that may pressure market sentiment.
The long-short position ratio of top traders on major exchanges combines spot, futures, and leveraged trading, reflecting the overall position status. On OKX and Binance, long demand declined on Friday before stabilizing. Notably, short interest did not rise significantly, further solidifying the support at $4,300.
Demand for bearish (sell) options for Ethereum (ETH) surged from Saturday to Monday. However, by Wednesday, the trend reversed, with bullish (buy) options activity increasing. A ratio above 5 typically indicates market concerns about downside risk, as put options are often used for neutral to bearish strategies.
Ethereum (ETH) derivatives indicators show market resilience, but as investors focus on macroeconomic data, the journey to $5,000 may take longer than expected.
The JOLTS report (Job Openings and Labor Turnover Survey) released by the U.S. Bureau of Labor Statistics on Wednesday showed that the ratio of job openings to unemployed persons fell to its lowest level since April 2021. According to Yahoo Finance, Indeed economist Allison Shrivastava stated, "The duration of unemployment is increasing, even though layoffs remain low."
On the same day, gold prices hit a historic high, highlighting concerns over global economic growth and rising U.S. fiscal deficits. Reports indicate that JP Morgan analysts have raised their gold price forecasts, citing expectations that the Federal Reserve will cut interest rates, thereby reducing the attractiveness of bonds.
Demand for financial products on the Ethereum (ETH) network is heating up. Startup Etherealize announced on Wednesday that it has completed a $40 million financing round. The company plans to expand its infrastructure for structured financial assets such as loans and credit instruments. According to Fortune, Electric Capital and Paradigm led this round of investment.
Ultimately, whether Ethereum (ETH) can reach $5,000 will depend on whether the global economic situation becomes clearer. Currently, signs of a trade war and a weak labor market continue to exert pressure.
Related: Bitmine currently holds 1.86 million ETH, approximately 1.55% of the total Ethereum supply.
Original article: “Even with $300 million outflow from spot Ethereum ETF, ETH derivatives turn bullish”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
