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Ethereum ETF Outflows
Ethereum is currently changing hands at around $4.3k at press time. The cryptocurrency has been trading flat around this level for the better part of the last week despite sizable ETF outflows. Here are details of ETF flows for the last 10 days or so:
According to the figures from CoinGlass, Ethereum ETFs have witnessed around $1 billion in consecutive outflows since 29 August. In the last two days alone, more than $540 million has been pulled out of these financial instruments, which is generally not a good sign for any underlying asset. BlackRock alone sold $192 million yesterday, while Grayscale witnessed a minor addition of $11 million.
Exchange Data Flips the Picture
Some Ethereum and crypto critics were quick to jump on this prolonged selling spree over at the ETFs as a sign that a bear market is imminent. However, ETFs are only a small portion of the market. Most of the Ethereum is still being bought and sold on cryptocurrency exchanges or held in private wallets. Over there, the situation is opposite.
According to one crypto analyst on X (formerly Twitter), known as The Martini Guy, the premier programmable digital currency is experiencing a record decline on exchanges. He tweeted:
 
“ETHEREUM ON EXCHANGES HAVE DROPPED TO A NEW LOW
WHALES ARE BUYING SO MUCH $ETH RIGHT NOW!”
His analysis indicates that exchange activity is showing massive Ethereum buying by whales who are snapping it up at relatively cheap prices and taking it offline in their wallets. Conventional wisdom suggests that once these ETH are removed from the exchanges, it helps create a supply shock that benefits the bulls.
The Future
The stark contrast between ETF activity and exchange activity reveals that two major market forces are at work on these respective platforms, with the former exhibiting a bearish inclination and the latter witnessing bullish action.
It remains to be seen which of these two will be able to dominate the market in the coming weeks and months, which are absolutely crucial as we approach the anticipated end of the 2025 bull market.
Source: https://zycrypto.com/blackrock-just-sold-192-million-worth-of-ethereum-has-eth-peaked/