On August 2, Ethereum ETFs experienced a net outflow of $54.27 million, which contributes to a cumulative outflow of $510.7 million.
The price of ether has fallen by 5% in the past 24 hours, falling below $3,000, as the broader crypto market also experiences a decline. The unimpressive US employment report has been the catalyst for an increase in selling pressure in the industry, which has resulted in ETH experiencing a recent string of losses.
The global crypto market has been affected by the increasing US unemployment rate, which increased from 4.1% to 4.3% last month, indicating the early phases of a recession. The cumulative crypto market valuation has decreased by over 4% in the past day, currently totaling $2.2 trillion.
Despite the SEC’s significant approval of Ether-linked exchange-traded funds (ETFs), Ethereum’s price has suffered a nearly 10% decline in the past 30 days. The second-largest cryptocurrency by market capitalization experienced a surge to $3,500 as a result of the excitement surrounding the ETFs’ release.
Newly launched Ether ETFs have reported substantial outflows, which contributed to the selling pressure. On August 2, data indicates that ETH ETFs experienced a net outflow of $54.27 million. Nevertheless, the cumulative outflow had reached $510.7 million, indicating a significant sell-off.
Grayscale ETHE has reported an outflow of $61.43 million in the past 24 hours and $2.12 billion to date. On August 2, Fidelity’s FETH experienced a $6.02 million inflow, while Franklin’s EZET reported a $1.14 million positive flow.
Over the past seven days, the price of ether has declined by 9%, which is indicative of the sentiment of investors. At the time of publication, the average price of ETH is $2,990. It remains up by 31% for the year-to-date period.
According to Coinglass data, the price action of Ethereum resulted in the liquidation of over $80 million in long and short positions within the past 24 hours. A total of $71.60 million in liquidated wagers (89%) were determined to be long positions. This suggests that traders were anticipating a price increase prior to the market’s adverse trend.
The Fear and Greed Index has displayed a Neutral indicator, falling below 50 points, and other prominent altcoins have joined Ethereum in the red zone. The values of Solana (SOL) and BNB decreased by 6% and 8%, respectively. BNB has now established a significant advantage over SOL in order to preserve its status as the fourth-largest cryptocurrency by market capitalization. Solana lost 18% of its value over the past seven days.
Dogecoin (DOGE) and Shiba Inu (SHIB), two popular meme coins, have lost 16% and 14% of their value over the past week. The same period saw a discharge of 22% and 35% from PEPE and WIF, respectively.
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