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Grayscale Ethereum spot ETF saw a net outflow of US$480 million on the first day! How long will the ETHE selling pressure last?
Grayscale Ethereum spot ETF saw a net outflow of US$480 million on the first day! How long will the ETHE selling pressure last?
This site (120BTC.coM): The Ethereum spot ETF was officially listed for trading yesterday (23rd) evening, and various transaction data continued to be announced after the market closed this morning. According to HODL15Capital monitoring data, Grayscale’s Ethereum fund ETHE had an outflow of US$484 million (nearly 5% of AUM) on the first day, of which a small amount (US$15 million) flowed into the Grayscale Ethereum mini fund after reducing management fees.
There is no celebration in the price trend of Ethereum. It continued to fall after the opening, and fell below the 3,400 mark near one point, with the lowest price at $3,389. It rebounded before the deadline, but not by much, and is now trading at $3,467.
Grayscale ETHE selling pressure shadow
The current Ethereum spot ETF can be said to be similar to the situation of the Bitcoin spot ETF just after it was passed. Grayscale's GBTC has caused a decline in profits due to profit-taking and the need to switch to lower handling fees. A long period of net outflow selling pressure.
At present, it seems that ETH may replicate this situation for a period of time, and the price may fall further or continue to fluctuate. Bloomberg analyst Eric Balchunas also wrote this morning: Damn it. So many (net outflows of ETHE)… Not sure if the “top eight” newcomers can offset such a large inflow. On the other hand, maybe it's better to end it quickly, like tearing off the OK pop.
According to Sosovalue data, the selling pressure on the Bitcoin spot ETF when it first passed lasted for about two weeks before the overall net assets turned positive from net outflows. This time we will see whether the situation of the Ethereum spot ETF will be shorter or last longer, which deserves our continued attention.
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