
Jakarta, Pintu News – At the end of August, funds invested in the Ethereum ETF experienced massive withdrawals. This coincided with the Ethereum (ETH) price dropping below $4,300, which was part of a broader correction in the crypto market.
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On August 29, the Ethereum ETF recorded a daily net withdrawal of $164.64 million. These withdrawals marked the end of six consecutive days of fund receipts, which began on August 21.
During that period, the funds managed to raise nearly $1.9 billion. However, the sharp decline in the price of Ethereum (ETH) has triggered profit-taking among investors.
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Data from SoSo Value shows that Grayscale’s ETH and ETHE funds recorded withdrawals of $61.30 million and $28.64 million, respectively. Meanwhile, Ethereum (ETH) funds managed by Fidelity and Bitwise also saw withdrawals, amounting to $51.02 million and $23.68 million respectively. On the other hand, other Ethereum ETF issuers such as BlackRock recorded no change in daily fund flows.
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Ethereum (ETH) reached a new high price of $4,953 on August 24, which was the culmination of a price increase that occurred over the past three months. In the last 90 days, the price of Ethereum (ETH) has increased by more than 73%, and is up 15% in the last month. Nonetheless, the price drop that occurred at the end of the month has triggered a withdrawal of funds from Ethereum ETFs.
Despite experiencing large withdrawals at the end of the month, the Ethereum ETF still recorded net inflows of $3.87 billion during August. This shows that despite the volatility, there is still strong confidence in Ethereum (ETH) among investors.
In addition, Ethereum cash companies continue to increase their accumulation, showing long-term confidence in Ethereum (ETH) over Bitcoin .
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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