On Sept. 10, spot Ethereum ETFs saw aggregate inflows of $11.4 million, according to preliminary data from Farside Investors.
While this figure is pretty small, the overall inflow reverses an eight-day trend of outflows. The last time flows were positive for the institutional investment products was on Aug. 28.
Only BlackRock (ETHA) and Fidelity (FETH) funds saw inflows of $4.3 million and $7.1 million respectively. The rest, including Grayscale’s ETHE fund, had zero flows for the day.
Ethereum ‘Bullposting’ Is Back
Despite overall positive flows for eight of the nine new ETH ETFs, the overall outflow is $562 million. This is all due to the exodus from Grayscale’s ETHE fund, which has hemorrhaged almost $2.7 billion worth of ETH since its conversion to a spot ETF on July 23.
Nevertheless, those outflows appear to have slowed down significantly recently which may turn the tide for the whole group. Additionally, Ethereum sentiment has been at rock bottom recently with the asset slumping 34% since the ETFs were launched.
This has not deterred those who believe in its underlying principles as a decentralized financial layer of the internet.
“Ethereum is in the best spot it’s ever been, yet sentiment is the worst it’s ever been,” said Ethereum developer Eric Connor in a post on X on Sept. 10. In a separate post, he said that it was a “long game.”
Play short term games, win short term prices
Not many are cut out for the long game but Ethereum wins in the long run because that is what we are building for
A global financial settlement layer, something that has never existed before
ETH as its primary money
— eric.eth (@econoar) September 10, 2024
In a post on X on Sept. 11, Head of Amdax Asset Management, Marcel Burger, also acknowledged that sentiment was in a bad place.
“Ethereum FUD is reaching max height. Always annoying to see bad narratives evolving when price falls. Especially for fundamentally strong projects.”
The Daily Gwei founder Anthony Sassano said, “Ethereum is not having an ‘identity crisis’ – it knows exactly what it wants to be and has known that for many years now.”
“Ethereum is doing just fine as an ecosystem and keeps growing at a very nice pace.”
Even Ethereum co-founder Vitalik Buterin was ‘bullposting’ …
ETH bullposting is good pic.twitter.com/0GQKw9B11F
— vitalik.eth (@VitalikButerin) September 11, 2024
ETH Price Outlook
However, the resurgence in bullposting has not been enough to drag ETH prices out of their quagmire. ETH has retreated over the past few hours after touching $2,400 in late trading on Sept. 10.
The asset fell back to $2,330 during the Wednesday morning Asian trading session and remains down 7.5% since the beginning of the month, hovering around lows not seen since early February.