Ethereum Price Drops 12% As Spot ETFs Witness Significant Net Outflows
Ethereum's price has recently declined over 12%, attributed to the US Federal Reserve rate cut and waning interest in US-based Ethereum exchange-traded funds (ETFs). The spot ETH ETFs experienced a net outflow of $75.11 million on December 20, ending an 18-day streak of positive inflows. On December 19, these ETFs recorded a $60 million outflow. BlackRock’s Ethereum Fund was the only ETF to see outflows on December 20, while Fidelity’s Ethereum Fund and Grayscale’s products reported positive inflows. In total, $135 million flowed out of ETH ETFs over two days, although the weekly total net inflow remained at $62.73 million. The Ethereum price is currently around $3,342, reflecting a 2.4% decline in the last 24 hours. Positive inflows into spot ETFs may be crucial for stabilizing Ethereum's price.
