Ethereum ETFs See Significant Surge as Institutions Offset Whale Sell-Offs
28.09.2024 16:00 1 min. read Alexander Stefanov
After a stretch of sluggish activity, spot Ethereum ETFs are seeing renewed momentum, largely attributed to increased liquidity following recent Federal Reserve rate cuts.
Despite a slow start to the week, institutional interest in Ethereum investment products has returned, pushing prices up even as large-scale ETH holders have been selling off.
On September 27, Fidelity’s FETH led the pack with $42.5 million, followed by BlackRock’s ETHA with $11.5 million.
At the same time, Grayscale’s ETHE saw $10.7 million in outflows. Earlier in the week, the market had seen nearly $80 million in outflows, but BlackRock’s move quickly restored positive momentum.
Meanwhile, on-chain data reveals significant Ethereum sell-offs. Two major institutions offloaded large sums, including 11,800 ETH by Cumberland and 5,134 ETH from ParaFi Capital.
Additionally, a long-dormant whale sold nearly 13,000 ETH for over $34 million. Despite these large liquidations, the strong ETF inflows seem to be cushioning the market from a deeper decline.
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