Following a period of sluggish demand, the inflows into spot Ethereum ETFs have surged once again due to the global liquidity boost triggered by the Fed rate cuts. Despite a slow start to the week, inflows into spot Ether ETFs have resumed, as institutions are once more showing interest in the Ethereum investment product. Consequently, the Ethereum price remains stable even in the face of ETH whale sell-offs from the previous week.
The total inflows into spot Ether ETFs skyrocketed to over $85 million this week after several weeks of outflows, with the Ethereum price rallying to $2,700 and aiming for the $3,000 mark. On Friday, September 27, the inflows into spot Ethereum ETFs were at $58 million, with Fidelity FETH leading the inflows at $42.5 million, followed by BlackRock’s ETHA at over $11.5 million and Grayscale ETHE experiencing $10.7 million in outflows.
Although earlier in the week, Ethereum ETFs saw $80 million in outflows mainly due to significant outflows from Grayscale’s ETHE, BlackRock led the charge the next day by reintroducing inflows into the investment products.
Amidst these recent inflows, Ethereum whales have been consistently selling off their ETH holdings during the week. On the flip side, an ancient Ethereum whale wallet offloaded 12,979 ETH for $34.3 million after a hiatus of nearly four months. This particular whale had initially withdrawn 21,632 ETH back in 2016 when Ethereum was priced at just $7.074 per coin. Since May 2024, this whale has sold a total of 15,879 ETH, earning $43.5 million at an average price of $2,739 per ETH.
The current inflows into spot Ethereum ETFs seem to be compensating for the ETH whale selloff witnessed over the past week, showing why it may not be a major concern.