Ethereum ETFs experienced significant outflows as large investors shed their holdings, contributing to ETH’s price struggles. Grayscale’s ETHE saw a $111 million exodus, leading to a net outflow of $98.1 million for ETH ETFs last week. This trend aligns with data showing that Ethereum whales with holdings of over 10K ETH have been selling or redistributing their assets since July. The selling pressure from whales continues, with recent activity from asset manager Metalpha and the Ethereum Foundation. Despite these challenges, Ethereum saw a 4-month high in network growth, adding 126,210 new wallets on Sunday. In terms of technical analysis, it is suggested that Ethereum could face resistance around the $2,400 level and may experience a slight correction in the short term.
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Ethereum ETFs record another week of heavy outflows as whales shed their holdings
