Why is ETH demand lacking post-Ethereum ETF?
ETH price failed to crack the $3,400 resistance level, as spot Ethereum ETFs are seeing more outflows largely due to Grayscale.
Ethereum (ETH) is about to close the month of July in the red, down roughly 1%, despite the launch of spot Ethereum ETFs in the United States.
US spot Ethereum ETFs went live on July 23, and the market’s immediate reaction was a 9% drawdown. At present, the ETH price is down 4.05% since launch. However, other reasons may have hindered price performance.
The overall ETF numbers have been underwhelming, with the cumulative total net inflow currently at negative $439.64 million, according to Sosovalue.
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Author: Biraajmaan Tamuly
