{"id":416146,"date":"2024-08-20T23:30:51","date_gmt":"2024-08-20T18:00:51","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=416146"},"modified":"2024-08-20T15:05:34","modified_gmt":"2024-08-20T09:35:34","slug":"ethereum-struggles-amid-eth-etf-outflows-and-rising-supply-what-now","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-struggles-amid-eth-etf-outflows-and-rising-supply-what-now\/","title":{"rendered":"Ethereum struggles amid ETH ETF outflows and rising supply &#8211; What now?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Outflows from spot Ether ETFs have totaled $433M after three consecutive days of outflows.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The declining demand for ETH alongside a rising supply has hampered Ethereum\u2019s efforts to gain.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The cryptocurrency market made a strong rebound on Tuesday during the Asian trading session. <\/span><a href=\"https:\/\/ambcrypto.com\/ethereum-price-rebound-why-2900-is-crucial-for-the-next-bullish-move\/\"><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><\/a><span style=\"font-weight: 400;\"> has gained around 2% to trade at $2,678 at the time of writing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, despite the recent gains, the largest altcoin has lost 23% of its value since spot Ether exchange-traded funds (ETFs) launched in the US last month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, what is weighing down Ethereum&#8217;s price?\u00a0<\/span><\/p>\n<h2><strong>Ethereum ETF outflows hit $433M\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The cumulative net outflows from spot Ethereum ETFs stood at $433M at press time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Grayscale Ethereum Trust ETF (ETHE), that launched with $10 billion in assets, has posted a consistent negative flow since its launch. The ETF still holds $4.84 billion in net assets, elevating further downside risk.\u00a0<\/span><\/p>\n<figure id=\"attachment_416149\" aria-describedby=\"caption-attachment-416149\" style=\"width: 1441px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETF-Data.png\"><img decoding=\"async\" class=\"size-full wp-image-416149\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETF-Data.png\" alt=\"\" width=\"1441\" height=\"517\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETF-Data.png 1441w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETF-Data-300x108.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETF-Data-1024x367.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETF-Data-768x276.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETF-Data-1200x431.png 1200w\" sizes=\"(max-width: 1441px) 100vw, 1441px\" \/><\/a><figcaption id=\"caption-attachment-416149\" class=\"wp-caption-text\">Source: SoSoValue<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Last week, Framework Ventures co-founder, Vance Spencer <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=ZIXrwplaQvE\"><span style=\"font-weight: 400;\">predicted <\/span><\/a><span style=\"font-weight: 400;\">that investors might eventually allocate their portfolios with a 50-50 split between Bitcoin and Ether ETFs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, over the last three trading days, Bitcoin ETFs have had consecutive inflows while Ethereum ETFs saw consecutive outflows.\u00a0<\/span><\/p>\n<h2><strong>Declining network activity increases ETH supply\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Ethereum&#8217;s network has also seen a decline in usage, as seen on DappRadar.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The number of unique active wallets (UAW) on the Ethereum network has dropped by 20% in the last 30 days. The 30-day user count on Ethereum stands at 1.66 million, ranking it sixth by this metric.<\/span><\/p>\n<figure id=\"attachment_416155\" aria-describedby=\"caption-attachment-416155\" style=\"width: 984px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/DappRadar-Ethereum.png\"><img decoding=\"async\" class=\"wp-image-416155 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/DappRadar-Ethereum.png\" alt=\"\" width=\"984\" height=\"694\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/DappRadar-Ethereum.png 984w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/DappRadar-Ethereum-300x212.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/DappRadar-Ethereum-768x542.png 768w\" sizes=\"(max-width: 984px) 100vw, 984px\" \/><\/a><figcaption id=\"caption-attachment-416155\" class=\"wp-caption-text\">Source: DappRadar<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The declining network usage has also affected the amount of ETH tokens burned, which has, in turn, increased supply, making Ethereum inflationary.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Data from <\/span><a href=\"https:\/\/ultrasound.money\/\"><span style=\"font-weight: 400;\">Ultrasound Money<\/span><\/a><span style=\"font-weight: 400;\"> showed that in the last seven days, around 18,000 ETH tokens were issued, while only 1,500 were burned. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This meant that ETH&#8217;s supply has increased by more than 16,000 tokens within seven days.\u00a0<\/span><span style=\"font-weight: 400;\">The rising supply on the back of reducing demand has exerted downward pressure on ETH.\u00a0<\/span><\/p>\n<h2><strong>Indicators signal weak demand\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">ETH was facing weak demand at press time, which could potentially weigh down on prices. The Chaikin Money Flow, which measures accumulation and distribution, was negative at this time. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, selling pressure has outweighed buying pressure since early August.\u00a0<\/span><\/p>\n<figure id=\"attachment_416158\" aria-describedby=\"caption-attachment-416158\" style=\"width: 1721px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-20_10-50-02.png\"><img decoding=\"async\" class=\"wp-image-416158 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-20_10-50-02.png\" alt=\"\" width=\"1721\" height=\"801\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-20_10-50-02.png 1721w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-20_10-50-02-300x140.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-20_10-50-02-1024x477.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-20_10-50-02-768x357.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-20_10-50-02-1536x715.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSDT_2024-08-20_10-50-02-1200x559.png 1200w\" sizes=\"(max-width: 1721px) 100vw, 1721px\" \/><\/a><figcaption id=\"caption-attachment-416158\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The positive Directional Movement Index (DMI) also showed a downtrend, as the positive Directional Indicator has been below the negative Directional Indicator since July. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the distance between the two lines has been narrowing, hinting at a potential reversal. <\/span><span style=\"font-weight: 400;\">Traders should also watch out for a potential liquidity sweep at $2,115 as the price makes a strong rebound.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s\u00a0<a href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">ETH&#8217;s market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Per AMBCrypto&#8217;s look at <\/span><a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66c32a971dad4a62a5d2fb6a-2-Different-On-Chain-Metrics-May-Indicate-We-Are-in-the-Late-Stages-of-Ethers-Co?utm_source=twitter&amp;utm_medium=sns&amp;utm_campaign=quicktake&amp;utm_content=burakkesmeci\"><span style=\"font-weight: 400;\">CryptoQuant<\/span><\/a><span style=\"font-weight: 400;\">, ETH needs a return of leverage traders for an upward correction. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, according to <a href=\"https:\/\/www.coinglass.com\/currencies\/ETH\">Coinglass<\/a>, Ethereum\u2019s Open Interest has dropped from a peak of $17 billion in May to the current $10 billion.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rising supply on the back of reducing demand has exerted downward pressure on ETH.<\/p>\n","protected":false},"author":99,"featured_media":416187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427],"class_list":["post-416146","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum struggles amid ETH ETF outflows and rising supply - What now? 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