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ANALYSIS: U.S. Ether ETF Hits Biggest Outflows Since July, Suggesting Lower Institutional Appeal

ANALYSIS: U.S. Ether ETF Hits Biggest Outflows Since July, Suggesting Lower Institutional Appeal

Bitget2024/09/24 08:25

U.S. Ether ETFs saw their largest outflows since July, with more than $79 million in outflows on Monday, indicating that institutional demand for Ether is weakening, according to an analysis by CoinDesk. Nearly all of Monday's outflows came from grayscale ETHE products, with Bitwise's ETHW seeing inflows of just over $1.3 million. No other products saw either inflow or outflow activity.The disconnect between ETH price momentum and ETF outflows suggests that investors remain uncertain about the asset's long-term growth prospects.

Peter Chung, head of research at Presto Labs, said that Ether's “world computer” narrative is less likely to resonate with traditional financial (TradFi) investors than Bitcoin's widely accepted “digital gold” narrative. Augustine Fan, head of insights at SOFA.org, noted that while ETH has risen on the Fed's dovish stance, the large outflows from ETFs indicate fragile sentiment. Nick Ruck, an independent market analyst, noted that the recent outflows may be related to a general pessimism about Ether's growth prospects.

This follows news earlier today that U.S. spot Ether ETFs saw total net outflows of $79,209,700 yesterday, bringing the ETF's net asset ratio to 2.25% .

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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