Ethereum ETFs hit $515M record inflow, but ETH’s troubles remain

• Ethereum ETFs saw a $515 million weekly record inflow.
• Meanwhile, ETH has declined over the past week, by 1.85%.

Since the approval of Ethereum [ETH] ETFs in July, the market has struggled to record a sustained inflow. However, over the past two weeks, Ethereum ETFs have seen increased interest.

A major reason behind this was the continued influx of institutional investors in anticipation of a bull run.

Spot Ethereum ETFs see inflows

According to AMBCrypto’s analysis of Sosovalue, Ethereum ETFs have seen a massive inflow between the 9th to the 15th of November. During this period, ETH ETFs saw a record $515.17 million inflow.

Source: Sosovalue

This level arises for the time following a sustained positive inflow over three weeks. While the weekly inflow was a notable record, the 11th of November saw the largest daily inflow, hitting a high of $295.4 million.

Amidst this, Blackrock’s ETHA witnessed the highest total inflow of $287 million, increasing its total to $1.7 billion.

At second place was Fidelity’s FETH, which saw its market grow to $755.9 million with a $197 million inflow over this period.

Meanwhile, Grayscale’s ETH’s inflow touched $78 million, while Bitwise’s number stood at $54 million.

These were the top gainers over this period, while others such as ETHV, and 21 Shares saw moderate inflows. With these increased inflows, Ethereum’s ETFs sat at $9.15 billion.

Implication on ETH price chart

While such inflow is expected to have positive impacts on ETH’s price chart, on this occasion, they didn’t. During this period, ETH declined from a high of $3446 to a low of $3012.

Even on the 11th of November, when the inflow was the largest on daily charts, ETH declined.

This trend has persisted even at the time of this writing. In fact, at press time, Ethereum was trading at $3122, marking moderate declines on daily and weekly charts, dropping by 1.22% and 1.85% respectively.

Source: TradingView

These market conditions suggested that ETH was struggling with bearish sentiment in a bull market.

Such market behavior was evidenced by the fact that ETH’s RVGI line made a bearish crossover to drop below its signal line. This suggests the upward momentum is weakening, signaling a potential trend reversal.

Source: CryptoQuant

Additionally, Ethereum’s netflow has remained positive over the past four days, implying that there was more inflow into exchanges than outflow. Episodes like these suggest that investors lacked confidence.

Although Ethereum ETFs have experienced record-breaking inflow, it has yet to have positive impacts on ETH price charts. On the contrary, the altcoin has declined during this period.

Read Ethereum’s [ETH] Price Prediction 2024–2025

Prevailing market conditions suggested a potential pullback. If it happens, ETH will find support around $3000.

However, since the crypto market is still in an uptrend if bulls regain control, ETH will reclaim the $3200 resistance in the short term.