Ethereum price fell, ETF outflows began, and overall market sentiment declined, but some investors continued to buy the leading altcoin.
September started with bullish expectations that were soon undermined by the consecutive selloffs led by the top altcoin, Ethereum ETH $4 403 24h volatility: 2.8% Market cap: $532.38 B Vol. 24h: $30.07 B .
ETH has been consistently declining since Aug. 24, after hitting its new all-time high of $4,953.
The outflows from the US-based spot ETH exchange-traded funds added to the negative sentiment. These investment products recorded a net outflow of $1.04 billion between Aug. 29 and Sept. 8 in six consecutive trading days, according to data from Farside Investors.
Ethereum is 13% down from its ATH, currently trading at $4,320.
However, the king altcoin is seeing positive momentum coupled with strong accumulation.
The spot ETH ETFs in the US saw an inflow of $44.2 million on Sept. 9, led by BlackRock’s ETHA fund alone. The remaining eight similar investment products stayed neutral.
Ethereum Maxis Didn’t Stop
Despite the negative sentiment around ETH, which was triggered by ETF outflows and price correction, some Ethereum investors continued their accumulation.
According to data from CoinGlass, nearly 226,400 ETH, worth roughly $980 million, left the leading centralized crypto exchanges over the past seven days. Kraken led the chart with a net outflow of almost 146,000 ETH, followed by Coinbase and Bitfinex’s 105,170 ETH and 34,330 ETH, respectively.
Binance and Bybit, on the other hand, witnessed net inflows of 34,500 ETH and 20,400 ETH in the same timeframe.
The movements might have been triggered by the FOMO around the expectations of a Fed rate cut, which can act as a major bullish catalyst for Bitcoin BTC $113 868 24h volatility: 2.7% Market cap: $2.27 T Vol. 24h: $49.82 B and the rest of the crypto market.
With the current accumulation and rate cut FOMO, Ethereum would need to break the $4,500 psychological barrier to strengthen its upside momentum.
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