ETH’s physical withdrawals are declining, which suggests that there is no demand for the token. Given their correlation with prices, the community wonders how the token adapts to the changing environment when demand declines in tandem with Exchange Withdrawing Transactions. Simply put, the Estimated Leverage Ratio of ETH, also known as ELR, is up sharply and is supporting the token value.
ELR rose even before the reserve decreased and before the time when its ETF became a reality, which is before mid-May.
ETH price is currently trading at $3,334.27, a decrease of 1.18% over the past 24 hours. It has also dropped by 3.29% in the last 7 days and by 1.69% in the last 30 days. However, the token has held steady ground and is moving primarily within a defined range. It demonstrates stability despite the ongoing volatility, which is 5.35% in the column. The drop is likely credited to the change in the mechanics of Coinbase Prime, which has committed to begin custody of government-held digital assets.
The crypto market is adjusting to the live trading of the ETF and is now attempting to mend its ways with Coinbase Prime; it is potentially a positive change, but the dip will prevail for a little longer. This could be viewed as an opportunity to buy the dip and later take profits home. Needless to say, actual outcomes could vary, and precautionary measures are highly recommended.
ETH is projected to surge by 3.87% in the next 30 days to reach the value of $3,453.67. Overall sentiments are bearish, and the 14-day RSI is 50.30 for a neutral stand. With a FGI of 67, it appears that investors are becoming avaricious and putting too many eggs in one basket. This stems from the belief that the digital asset has exchanged hands with green colors for 63% of days in the last month. This roughly translates to a ratio of 19/30 in the last 30 days.
The US Marshal Service has selected Coinbase Prime as the platform for protecting and trading its large-cap digital asset portfolio.
The US Spot Ether ETF last recorded a net outflow worth $98.3 million. This continues the series of negative flow streaks that began Monday. Grayscale’s ETHE led the charge with a net outflow of $210 million. All nine ETFs approved by the US SEC contributed to the collective net outflow. Interestingly, only Grayscale’s ETF accounts for a net outflow, extending the streak to 4 days for the entire space.
Other significant Ether ETFs were able to generate net inflows. For instance, ETHA by BlackRock saw $58.17 million in net inflows, and FETH by Fidelity saw $24.82 million in positive inflows. As of Monday, the total daily reading volume stands at $773.01 million. It was $933.86 million on Friday and $955.85 million on Thursday.