Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
The Ethereum price has not been able to maintain its red-hot start to the year’s second quarter, with the altcoin’s value still pretty much around where it was at the start of June. This sluggish performance comes despite the consistent capital inflows witnessed by the US-based spot Ethereum exchange-traded funds (ETFs) in the past four weeks.
ETH ETFs Snap 19-Day Positive Inflow Streak
However, this positive record came to an end on Friday, June 13th, with the spot ETH ETFs registering their first net outflow in the past 20 days. According to the latest market data, the crypto-linked financial products posted a total daily net outflow of $2.14 million to close the week.
This round of withdrawals could be linked to the escalating tensions between Israel and Iran on Thursday evening, with risk assets like crypto and stocks feeling most of the impact. Data from SoSoValue shows that the Fidelity Ethereum Fund (with the ticker FETH) contributed to most of the withdrawals on the day, recording a net outflow of $8.85 million.
Grayscale’s Ethereum Mini Trust (ETH) was the only other fund that recorded any significant activity, posting a positive net inflow of $6.67 million on Friday. Cumulatively, the activities of these two exchange-traded funds led to a negative outflow day, ending the 19-day positive inflow streak.
Nevertheless, this single-day performance barely made a dent in the Ethereum ETFs’ record over the past week, which stands at $528.12 million. This significant performance extends the exchange-traded funds’ weekly streak to five consecutive weeks of positive inflows — registering a total capital influx of $1.384 billion in that span.
Ethereum Price And Growing Spot ETF Demand
As seen with Bitcoin and its spot ETFs, the Ethereum price tends to react to the activity of the ETH exchange-traded funds investors. As such, periods of significant capital inflows for the spot ETFs have been correlated with upward price movements for the cryptocurrencies.
However, the price of Ethereum didn’t exactly follow this trend during its recent 19-day period of substantial capital inflows. This positive streak started on May 16, with the Ethereum price ranging between the $2,500 and $2,600 region on the day.
While the altcoin’s price has exceeded this level since then, it has not been able to mount a sustained upward run. Recently, the Ethereum price broke above the $2,800 level on Thursday, June 12, before crashing down towards $2,500 due to the military actions in Asia.
As of this writing, the price of ETH stands at around $2,511, reflecting an over 1% decline in the past 24 hours. With the Ethereum price still pretty much where it was at the start of the positive ETF inflow streak, there is a worry about what could be holding back the second-largest cryptocurrency.
Featured image created by Dall-E, chart from TradingView
Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.
Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part – in fact, far from it.
Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.
When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.
Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books – ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.
Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.
Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time – he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.
Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon – cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment – spreading the crypto gospel to the rest of the world.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
