Ethereum ETF: Ethereum ETFs See $555M Outflow in Two-Week Slide

Over the last two weeks, Ethereum ETFs have experienced a reduction of $555 million in their investments, as investor demand wanes amid price fluctuations and macroeconomic factors. 

It was the longest outflow streak since its inception two weeks earlier, with Ethereum ETFs losing about 555 million dollars as investors withdrew their funds in an unstable market.  

According to SoSoValue records, nine Ethereum ETFs have net redemptions of 243.91M in the week of October 24, which continues the downward trend of the past week of 555million.  

Fidelity FETH was the first to withdraw, with an amount of $95.2million, then BlackRock ETHA was closely behind with $89.1million.  

Both ETHE and ETH funds achieved redemptions of 26.1million and 23.5million, respectively.  

Bitwise ETHW and VanEck ETHV recorded lower outflows by a combined $10 million, compared to other Ethereum ETFs that were still flat that week.  

Ethereum Price Struggles Amid Investor Caution

The price of Ethereum has not been able to recover its pace since it dropped significantly at the beginning of this month.  

The altcoin plummeted to an approximate $3,880 on October 24, but it later rebounded and managed to pierce the $4,200 level to reach $4,229 as of the time of writing.  

The increase in stories by 7 percent in 24 hours is a sign of a new wave of buying interest despite the recent difficulties.  

The market members are still very wary of the wider macroeconomic uncertainty, such as inflationary data published in the U.S. following the October 1st shutdown.  

The Consumer Price Index (CPI) showed that there was a marginal increase in headline inflation to 3.0, with core inflation declining to 3.0.  

As the chance to increase the Federal Reserve rate is at 96.7% according to CME FedWatch, the hope behind cryptocurrencies has gained strength.  

Technical Ethereum continues to climb according to technical analysis; Elliott Wave analysts predict a Wave 5 that has the potential to push the prices to the range of 5800 to 6300.  

Source: X/PascalTrades

The short-term goals will focus on the existing percentage of 4,200 and bring it to 4,600 within a month, following the great ETF technical dynamics and backed by the MACDs of the daily charts.  

Bitcoin ETFs Bounce Back Strongly

In comparison, the Bitcoin funds drew in net investments of $446.36 million last week in 12 ETFs.  

This was sharply contrasted to the outflows of 1.23 billion in the last week, and this is a show of divergent sentiment preferring Bitcoin to Ethereum.  

This bullish move was reflected in the price of Bitcoin, which rose to positions over $110,000 and aimed at meeting the resistance of around $115,800.  

The new desire among institutions to invest in Bitcoin ETFs indicates that there may be a shift of altcoins to newer, better-established crypto assets in the current market transition.