The new spot Ether ETFs launched this week have experienced consecutive net outflows over the past three trading days, with the Grayscale Ethereum ETF (ETHE) seeing over $1.5 billion in outflows within its first four days.
Despite this, some experts are calling the ETF launch a success.
Nate Geraci, President of ETH Store, views the launch positively. He points out that, excluding ETHE, other Ethereum ETFs have attracted $1 billion in new investments this week. Geraci attributes this to strong interest in traditional investment ETFs, rather than merely recycling existing investments.
Aside from ETHE, other Ethereum ETFs have seen net inflows. For example, the BlackRock Ethereum ETF (ETHA) received $442 million, and Bitwise ETHW followed with $265 million in inflows.
Bitwise also announced that it will allocate 10% of its profits to Ethereum development. On Friday, ETH itself gained $16 million in inflows.
Ethereum’s price has been volatile this week, dropping to $3,150 before recovering slightly to around $3,265. The price movement has mirrored Bitcoin’s trends post-Bitcoin ETF launch. Analysts suggest that the Ethereum ETF launch triggered a sell-off, with expectations for a period of consolidation before a potential bull run.
Popular crypto analyst Michael van de Poppe believes ETH could potentially double in value by the end of the year.
Ripple Chairman Chris Larsen has recently moved 20 million XRP as part of a larger shuffle involving 50 million tokens.
Crypto-focused travel booking platform Travala has announced its integration with Solana, the fourth-largest blockchain by market cap, marking its third network addition after Ethereum and BNB Chain. CEO Juan Otero revealed this development during a panel at Solana Breakpoint in Singapore.
Crypto analyst Ali Martinez has indicated that an altseason may be imminent, a phase where alternative cryptocurrencies outperform Bitcoin.
The Pyth Network has introduced Oracle Integrity Staking (OIS), a feature designed to enhance accountability among data sources by implementing staking rewards and penalties.