US-based spot Ether exchange-traded funds (ETF) have posted four consecutive days of net outflows during the shortened trading week due to US Labor Day.
The week of outflows comes after a strong August for spot Ether (ETH) ETFs, which recorded $3.87 billion in net inflows, while Bitcoin (BTC) ETFs posted $751 million in outflows for the month, according to Farside.
Friday alone saw Ether ETFs shed $446.8 million, bringing total net outflows over the four days to $787.6 million. Meanwhile, Bitcoin ETFs recorded $250.3 million in net inflows during the same period.
Traders eye rebound in ETH inflows
Several crypto market participants expect inflows to pick up soon. Crypto trader Ted said, “I’m expecting inflows to return if Ethereum continues this pump.”
Ether has dipped slightly over the past seven days, down 2.92%, trading at $4,301 at the time of publication, according to CoinMarketCap.
Overall, crypto market sentiment has been mixed recently, with the Crypto Fear & Greed Index showing ‘Neutral’ readings over the past two days.
Ether predictions remain high
Despite the recent outflows, Ether advocates remain bullish.
On Wednesday, BitMine chairman Tom Lee reaffirmed his prediction that ETH will reach $60,000 in the long term on the Medici Presents: Level Up podcast. Lee said Wall Street’s interest in ETH might become a “1971 moment,” which could propel the asset higher.
Related: Ether exchange reserves fall to 3-year low as ETFs, corporate treasuries soak up supply
BitMine, the largest Ether treasury company, holds approximately $8.04 billion in ETH, according to StrategicETHReserve data. Overall, Ether treasury companies now hold 2.97% of the total supply, valued at $15.49 billion at the time of publication.
Crypto sentiment platform Santiment recently reported that Ether whales have also been ramping up their ETH buying since the token dipped to yearly lows in April.
“In exactly 5 months, they have added 14.0% more coins,” Santiment said in an X post on Wednesday, referring to whale holders with 1,000 to 100,000 ETH, valued between $4.31 million and $430.63 million.
Magazine: ChatGPT’s links to murder, suicide and ‘accidental jailbreaks’: AI Eye
