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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why Is ETH Price Struggling Despite The Spot Ethereum ETFs Launch?

Scott Matherson
Scott Matherson
11 months ago
3 mins read
Ethereum

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Post the Spot Ethereum ETFs launch, the ETH price has continued to struggle unexpectedly, proving that the launch of the Spot ETFs were a ‘sell the news’ event. So far, the second-largest cryptocurrency by market cap has lost around 10% of its value since the Spot Ethereum ETFs trading began on Tuesday, July 23, and could see further decline from here, according to an analysis from Matrixport.

Spot Ethereum ETFs Triggers Selling

Following the launch of the Spot Ethereum ETFs, there was a lot of excitement in the market, especially around the fact that investors could now gain exposure to ETH without having to directly buy the underlying token. However, this excitement has been short-lived as days after the launch, the ETH price continues to struggle.

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In a report released on Thursday, Markus Thielen, Head of Research at Matrixport, outlined a number of reasons why the ETH price was declining. As Thielen explains, while the inflows crossed $100 million on the first day, the Grayscale Ethereum fund had been suffering outflows.

Just like with the Spot Bitcoin ETFs launch, the Grayscale ETH fund, which holds around $9 billion in ETH, began recording outflows. This is due to the fact that Grayscale’s management fees remain high with competitors offering fees as low as 0.19%. On the first day alone, $481 million flowed out of the fund, and $326 million followed the next day.

In addition to this, the Mt. Gox distributions began around the time of the Spot Ethereum ETFs launch, so this even also put extra selling pressure on the crypto market. Just as the Bitcoin price did with the Spot Bitcoin ETFs, the ETH price has responded negatively to these outflows, leading to a price decline below $4,200.

Will The ETH Price Recover From Here?

Outflows from the Grayscale ETH fund since the launch of the Spot Ethereum ETFs have been one of the major factors driving the ETH price decline. However, it is not the only bearish development that has emerged for the cryptocurrency.

Thielen points out that the ETH price may have reached the top, using the daily stochastics indicator as a guide. Now, when the value of this indicator is low, it often means a buying opportunity and the price is hitting a low. Meanwhile, the value being high suggests that the ETH price may have hit its top.

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According to the report, the ETH price had hit a score of 92% in the days leading up to the Spot Ethereum ETFs launch. Usually, a score above 90% is bearish for the price as it means the cryptocurrency is currently in overbought territory. Subsequently, the value of the stochastic indicator is expected to decline as investors offload their holdings.

Ethereum Matrixport
Source: Matrixport

So far, there have been a 5% decline from 92% to 87%, suggesting that there is still a long way to go before the ETH price stops bleeding. “Considering the recent rally and the potential overhang from Mt. Gox, the US earnings season, and the weak seasonals for August and September, it might make sense to press the Ethereum short a bit longer,” Markus Thielen said in closing.

Ethereum price chart from Tradingview.com
ETH price drops | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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