The spot Ethereum exchange-traded fund (ETF) recorded over $1.04 billion in net outflows over six consecutive trading days, as investors withdrew funds due to heightened macro uncertainty and waning confidence in interest rate cuts.
On Monday, the net outflow for the Ethereum (ETH) ETF was $96.7 million, with BlackRock's ETHA leading the decline, recording a withdrawal of $192.7 million. Fidelity's FETH saw an inflow of $75 million, Grayscale's ETHE had an inflow of $9.5 million, and its mini fund attracted $11 million, partially offsetting the outflows.
According to SoSoValue data, the total trading volume reached $1.52 billion, and total net assets fell to $27.39 billion, accounting for 5.28% of Ethereum's market capitalization.
Overall, the spot Ethereum ETF experienced a net outflow of $1.04 billion over the past six trading days, with the largest single-day outflow of $446.7 million on Friday and the smallest outflow of $38.2 million on Wednesday.
As the sell-off wave emerged, traders are reassessing the Federal Reserve's policy path. Although the CME FedWatch tool indicates a 100% probability of a 25 basis point rate cut in September, leading strategists warn that rate cuts may not provide the expected economic boost.
David Kelly, Chief Global Strategist at JPMorgan Asset Management, stated that lower interest rates could reduce retirement income and dampen business sentiment, potentially worsening the macro backdrop.
This growing risk-averse sentiment is evident across various markets. According to the Bitunix analyst team, weak treasury yields, a sideways trading dollar, and rising gold prices are classic signs of defensive positioning.
Analysts noted that ETH is hovering above the support level of $4,250-$4,300, with key resistance around $4,500. Bitcoin shows a similar dynamic, with liquidation data indicating strong interest around $108,800 and resistance near $114,200.
Meanwhile, the spot Bitcoin (BTC) ETF turned positive on Monday, recording a net inflow of $368.25 million, ending a two-day trend of over $387 million in outflows.
The total trading volume for Bitcoin ETFs that day reached $3.02 billion, and total net assets climbed to $145.41 billion. Strong inflows helped offset early losses, bringing cumulative net inflows back to $54.86 billion.
Related: Liquidity Tsunami and Asset Transformation: Why the Year-End Bull Market Will Be Led by Bitcoin (BTC)?
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