U.S.-based spot Ether exchange-traded funds (ETFs) recorded their first net outflow of $2.1 million after a historic 19-day inflow streak.
First Net Outflow After Record
From May 16 to June 13, excluding the Memorial Day holiday on May 26, Ether ETFs displayed a historic 19-day inflow streak, attracting approximately $1.37 billion in new investments, accounting for nearly 35% of the total net inflows of $3.87 billion. On June 11, the funds saw their highest single-day inflow in over four months at $240.3 million.
Overall Optimism Towards Ethereum Remains
Despite the capital influx, Ether's price has not experienced a corresponding rally, trading below the $2,620 level it held at the start of the streak. Analysts highlight the need for staking capabilities in Ether ETFs to boost investor interest. BlackRock’s Head of Digital Assets, Robbie Mitchnick, previously indicated that Ether ETFs are 'less perfect' without staking.
Major Purchase Highlights Institutional Interest
SharpLink Gaming gained attention by acquiring 176,271 ETH valued at $463 million, making the sports betting platform the world’s largest publicly traded holder of Ethereum. This purchase underscores the increasing confidence among institutional investors in the asset, despite Ether’s historical underperformance.
While the influx of capital to Ether ETFs is significant, the current price of Ether remains below initial levels, emphasizing discussions around staking opportunities and potential market impacts.
