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The price of Ethereum was not able to maintain its balmy initial beginning of the second quarter of the year, with the value of Altcoin still near the place where it was at the beginning of June. This leisurely result appears despite the consistent capital influx, which witnesses the American Ethereum Ethereum Exche Exchange (ETF) funds in the last four weeks.
ETH ETFS SNAP 19-day positive inflow series
However, this positive record came to an end on Friday, June 13, and ETF on the spot registers its first net outflow in the last 20 days. According to the latest market data, financial products related to cryptocurrencies recorded a total daily net outflow of $ 2.14 million to close the week.
This payment round can be associated with the escalation of tensions between Israel and Iran on Thursday evening, with risk assets, such as cryptographic and shares, feel most of the influence. Data from Sosovalue It shows that the Fidelity Ethereum fund (along with Feth’s tick) contributed to most payments that day, registering a net outflow of $ 8.85 million.
Grayscale Ethereum Mini Trust (ETH) was the only other fund that recorded all significant activities, publishing a positive net influx of $ 6.67 million on Friday. In total, the activities of these two funds of exchanges led to a negative outflow day, ending the 19-day series of positive influxs.
Nevertheless, this one -day performance barely played in the ETFS ETFS ETHEUM record during the last week, which is USD 528.12 million. This significant efficiency expands the weekly series of stock funds for five consecutive weeks of positive inflows-recording the total influx of capital in the amount of USD 1.384 billion during this period.
The price of Ethereum and the growing ETF demand
As you can see in the case of ETF Bitcoin and its points, the price of Ethereum tends to respond to the activities of investors of ETH current funds. Therefore, the periods of significant capital inflows for ETF were correlated with price movements for cryptocurrencies.
However, the price of Ethereum was not accurately in line with this trend during the last 19-day period of significant capital. This positive series began on May 16, and the price of Ethereum ranged between the region from USD 2,500 to 2600 during the day.
Although since then the price of Altcoin has exceeded this level, it was unable to mount a lasting run up. Recently, the price of Ethereum exceeded USD 2800 on Thursday, June 12, after which it was promoted to USD 2,500 due to military activities in Asia.
In this letter, the price of ETH is around USD 2,511, which reflects the decrease by over 1% in the last 24 hours. Because the price of Ethereum was still where it was at the beginning of the positive series of ETF inflow, there is a fear of what can stop the second largest cryptocurrency.
A distinguished picture created by Dall-E, chart from TradingView
