Spot Ether ETFs experienced major outflows totaling $60.47 million as Ether’s price plunged over 9% in the past 24 hours.
December 19 marked a gloomy day in the US spot Ethereum exchange-traded funds (ETFs) landscape, as total net outflows reached $60.47 million. This marked the end of an 18-day streak of positive inflows.
The Grayscale Ethereum Trust (ETHE) led the negative trend, accounting for $58.13 million in outflows. Other prominent players, including Bitwise Ethereum ETF (ETHW), Invesco, and Grayscale’s mini ETFs, recorded smaller but notable outflows totaling $12.28 million.
On the other hand, BlackRock’s ETHA, with net assets of $3.45 billion, reported zero flows during the day. Similarly, Franklin’s EZET and 21Shares’ CETH remained stagnant. The only bright spots were Fidelity’s FETH and VanEck’s ETHV, which together managed to secure a modest $10 million in net positive inflows.
Despite this setback, spot Ether ETFs have collectively accumulated $2.4 billion in net positive flows since their launch in July. After a shaky start, these funds gained traction following a surge in Ethereum ETH $4 305 24h volatility: 0.2% Market cap: $519.72 B Vol. 24h: $15.56 B prices and the crypto-friendly victory of Donald Trump in the US elections. The past 18 days alone saw inflows of $1.27 billion as Ether rallied from $3,500 to surpass the strong $4,000 resistance. Interestingly, at the time of this local peak, the Ethereum Foundation sold 100 ETH.
Ethereum (ETH) Price Drop
Thursday’s outflows coincided with a broader downturn in the cryptocurrency market. The Federal Reserve’s decision to cut interest rates for the third consecutive time in 2024 reignited inflation fears. Fed Chairman Jerome Powell also announced plans for further rate cuts in 2025 for dollar stabilization. This resulted in a sell-off in risk assets, leading the global crypto market cap to drop sharply, falling from $3.7 trillion to $3.36 trillion.
Ether wasn’t spared, plummeting over 9% in the past 24 hours to $3,371. Its market cap also saw an 8.89% decline, now sitting at $404 billion. ETH’s Relative Strength Index (RSI) currently signals a bearish outlook for the cryptocurrency, with a reading of 40 reflecting major downward price pressure.
Despite the downturn, data from IntoTheBlock reveals that 81% of ETH holders remain “in the money,” indicating their investments are still profitable at current prices. Meanwhile, 16% are at a loss, with the remaining 3% at breakeven.
The crypto fear and greed index held steady at 74, signaling ongoing greed in the market. This suggests that investors are viewing the dip as a buying opportunity, raising hopes of a potential rebound as the holiday season approaches.
On December 19, US spot Bitcoin ETFs saw their largest single-day outflows ever, with $680 million exiting these products, ending a 15-day streak of positive flows. Bitcoin is currently trading around $96,600, down by 5% in the past day.
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