Ethereum Defies FUD As ETH ETF Flows Flip Positive

On September 10, Ethereum spot ETFs recorded aggregate inflows of $11.4 million, according to preliminary data from Farside Investors.

Although this number is quite small, the overall inflow reverses an eight-day outflow trend. The last time flows were positive for institutional investment products was on August 28.

The BlackRock ( ETHA ) and Fidelity ( FETH ) funds alone saw inflows of $4.3 million and $7.1 million respectively. The rest, including Grayscale’s ETHE fund, had zero flows for the day.

Ethereum ‘Bullposting’ is back

Despite overall positive inflows from eight of the nine ETH ETFs, the overall outflow is $562 million. This is all due to the exodus from Grayscale’s ETHE fund, which has bled nearly $2.7 billion in ETH since its conversion to a one-time ETF on July 23rd.

However, those exits seem to have slowed significantly recently, which may turn the tide for the entire group. Also, Ethereum sentiment has been rock bottom recently, with the asset down 34% since the ETFs launched.

This has not deterred those who believe in its underlying principles as a decentralized financial layer of the Internet.

“Ethereum is in the best place it’s ever been, but the sentiment is the worst it’s ever been,” Ethereum developer Eric Connor said in a post on X on September 10. In a separate post, he said it was a “long game.” .”

Play short term games, win short term prizes

Not many are ready for the long game, but Ethereum wins in the long run because that’s what we’re building for

A layer of global financial settlement, something that has never existed before

ETH as main money

— eric.eth (@econoar) September 10, 2024

In a post on X on September 11, Amdax Asset Management chief Marcel Burger also acknowledged that sentiment was in a bad place.

“Ethereum FUD is reaching peak height. It’s always annoying to see bad narratives evolve when the price drops. Especially for fundamentally strong projects.”

Daily Gwei founder Anthony Sassano said: “Ethereum is not having an ‘identity crisis’ – it knows exactly what it wants to be and has known for many years.”

“Ethereum is doing well as an ecosystem and continues to grow at a very nice rate.”

Even Ethereum co-founder Vitalik Buterin was “betting”…

ETH bulls post is good pic.twitter.com/0GQKw9B11F

— vitalik.eth (@VitalikButerin) September 11, 2024

ETH Price Outlook

However, the resurgence of bull publishing has not been enough to drag ETH prices out of their mess. ETH has retreated in recent hours after touching $2,400 in late trading on September 10.

The asset fell back to $2,330 during the Asian trading session on Wednesday morning and remains down 7.5% since the start of the month, hovering around new lows of February

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