Ethereum ETF Inflows Meet Aggressive Sell Pressure: Can $2.3K Hold?
Ethereum's spot ETFs have seen net inflows every trading day since August 12, totaling over $1.5 billion in just twelve days. This influx of capital has contributed to Ethereum's rapid price gains.
BlackRock's clients have purchased over $1 billion without any days of net selling, with the company's ETHA spot ETF purchasing $1.02 billion in nine days alone.
Despite aggressive sell pressure, Ethereum's price remains above key on-chain support, as observed by CryptoQuant. The taker buy/sell ratio fell to 0.81 on Binance, indicating that market orders were roughly 23% higher than taker buys, according to crypto analyst Moreno.
The realized price of various Ethereum balance cohorts shows the cost basis of the largest wallets is between $2.26k and $2.35k. The market price is above this aggregate cost basis, meaning that even these largest holders have unrealized profits.