Ethereum Price Slowly Forms A Risky Pattern As Wall Street Investors Dump ETH ETFs
Ethereum (CRYPTO: ETH) price slipped into a bear market in May as it retreated from $2,470 to $2,000. This retreat may continue further in June as it formed an inverted cup-and-handle pattern, and as Wall Street investors continue dumping their ETF holdings.
Ethereum Price at Risk as ETH ETF Outflows Jump
American investors have continued to sell their ETH ETFs in the past few months. Data shows that these funds experienced over $540 million in outflows in May, paring back all the inflows added in the previous month.
These funds have added assets in just one month this year. Their net inflows since their inception stands at $11.37 billion, with the iShares Ethereum Trust (NASDAQ:ETHA) having the biggest market share with $5.7 billion in assets.
The ongoing Ethereum ETF outflows is a sign that American investors expect that the price to remain under pressure for a while. It could also be because these investors are dumping their assets and rotating to other better-performing assets like stocks.
Data shows that the top stock market-focused ETFs are adding substantial assets this year. For example, the Vanguard S&P 500 ETF …
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