US Spot Ethereum ETFs See Net Outflows for 23 Straight Trading Days, Longest Streak Since Launch
Summary
- US spot Ethereum ETFs recorded net outflows for 23 consecutive trading days, the longest such streak since launch.
- Glassnode said the withdrawals reflect weakening investor demand for Ethereum exposure in traditional financial markets.
- Spot Ethereum ETF flows are used as a key gauge of regulated-market demand, and the latest streak of outflows is being interpreted as a sign of weakening buying momentum in Ethereum.
Forecast Trend Report by Period
US spot Ethereum exchange-traded funds have posted their longest stretch of consecutive net outflows since launch.
Wu Blockchain, citing on-chain analytics firm Glassnode, reported on Nov. 1 that US spot Ethereum ETFs recorded net outflows for 23 consecutive trading days. That is the longest such streak since the products were launched.
Glassnode said the withdrawals reflect weakening demand for Ethereum investment among traditional financial market participants. It also highlighted that flows from investors who actively accumulated Ethereum in August and September have shifted to net outflows.
Spot Ethereum ETFs allow institutional investors and other traditional finance participants to gain exposure to Ethereum without directly holding the token. For that reason, ETF inflows and outflows are widely used as a key gauge of demand from regulated-market investors.
The latest streak of net outflows is viewed as a sign that earlier buying interest in Ethereum is losing momentum. Glassnode, however, did not provide specific figures for cumulative net outflows during the period or for flows by individual ETF products.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.