Spot Ether ETFs have accumulated an outflow of $377.1 million to date. Grayscale’s ETHE is the most significant contributor, as it has been banking negatives since the beginning. The most recent report shows that Grayscale has amassed a total of $2,327.4 million, with an outflow of $31 million on August 13, 2024.
However, it is still uncertain whether the negative flows of the Spot Ether ETF will ever cease. The trend was anticipated to occur within the past week; however, it has yet to manifest. BlackRock’s ETHA is currently compensating for outflows that ETHE continues to bank.
As of August 13, 2024, ETHA’s inflow stood at $49.1 million, for a total of $950.2 million. It is speculated to breach the $1 billion mark by the end of this week. Total flows for the same date come to $24.3 million. Fidelity’s FETH registered an inflow of $5.4 million, while QETH registered an inflow of $0.8 million.
Expectations for positive flows come at a time when Ether is rebounding after the recent crash. The token is trading at $2,747.35, up by 4.10% in the last 24 hours.
In the next 30 days, ETH is projected to surge by 5.94% to a value of $2,860.59, amidst comparatively higher volatility of 12.40%. The 14-day RSI demonstrates a neutral stand with 42.31 points and an FGI of 30 points, except the FGI is inclined towards Fear – a sentiment that is known to stop investors from diverting their funds to the token.
The digital asset is believed to be underbought when 50-day SMA and 200-day SMA are taken into account. Therefore, the current situation remains within the correction phase. It is speculated to see more highs in the days to come.
One major factor likely to contribute is the clarity on the ongoing political scenario across the US. Kamala Harris has recently extended a helping hand to the crypto industry, but Donald Trump has been doing that for a long time. A shift in voters or their loyalty to a candidate could push the price up even further.
tHE next step is to clarify the Federal Reserve’s rate cuts. Authorities have hinted that a cut of 25 bps is possible, further signaling that 50 bps is a stretch. The rate cut can happen in September this year, i.e., 2024, to boost investor confidence for better liquidity.
The second consecutive date for inflows was August 13, 2024. A positive report of $5 million was observed the day before. That occurred following three consecutive days of outflows.
Crypto-related ETFs serve as a regulated investment vehicle. The approval of Bitcoin ETFs and Ether ETFs has paved the way for more cryptocurrencies to consider launching their product. One of the most anticipated ETFs is XRP, particularly in light of the recent verdict in the Ripple v. SEC litigation.