Despite a general decline in Ethereum by 7% over the week, BlackRock's ETF has shown stability without any outflows.
ETF Market Situation
Data from Farside shows that while other crypto ETFs such as VanEck, Bitwise, and Grayscale experienced significant outflows, BlackRock maintained its position with zero outflows. VanEck recorded outflows of $47.7 million, Bitwise $40.3 million, and Grayscale $37.2 million.
Support from Major Investors
Since early July, new wallets have accumulated 808,347 ETH, worth about $2.85 billion. This indicates that institutional investors and high-net-worth individuals are increasing their positions in Ethereum, converting funds from Bitcoin.
Long-Term Prospects for Ethereum
The resilience of BlackRock's ETF and the buildup by major investors suggests that Ethereum may remain a focal point for institutional flows, even amidst short-term volatility.
The situation with BlackRock's Ethereum ETF demonstrates confidence in Ethereum's future despite current market fluctuations and outflows from other ETFs.
