The outflow day for spot Ether ETFs comes just after Ether narrowly missed reclaiming its 2021 all-time high.
Spot Ether exchange-traded funds (ETFs) closed the week with outflows after a nearly two-week streak of significant inflows.
On Friday, US-spot Ether (ETH) ETFs saw $59.3 million in outflows, bringing an end to their eight-day inflow streak that added approximately $3.7 billion to the products, according to Farside data.
Ether ETFs are an important signal for analysts
It comes as Ether fell just 1.94% short of reclaiming its 2021 all-time high of $4,878 on Thursday, before retracing down to $4,448 at the time of publication, according to CoinMarketCap.
The end of the eight-day inflow streak is a key indicator for Ether traders, who will likely keep an eye on ETF flows in the coming weeks as a factor — along with any developments in Ether treasury firm buys — on whether Ether can reclaim its 2021 all-time highs again.
Some analysts say that sustained ETF inflows are crucial for Ether to reclaim its all-time highs.
Nansen analyst Jake Kennis recently said, “The rally will hold as long as the flows and narrative remain strong.”
Crypto trader Langerius suggested an Ether price tag of $10,000 if the consistent weekly inflows continue.
Meanwhile, crypto trader Merlijin The Trader said on Thursday, “ETF inflows just went vertical. This is what institutional FOMO looks like.”
However, sentiment platform Santiment said that crypto traders are not showing “as much bullishness” for Ether on social media as for Bitcoin, which historically can signal that Ether may slightly outperform Bitcoin in the short term.
Related: Ether unstaking queue hits $3.8B: What does it mean for ETH price?
Cointelegraph recently reported a rise in queued unstaked ETH could mean massive profit-taking could be underway.
The staking ecosystem of Ethereum reached new highs this week, with 877,106 Ether worth $3.88 billion currently queued for a withdrawal.
DeFi analyst Ignas said the recent accumulation and buying strength from Ether treasury companies and spot Ether ETFs is absorbing much of the selling pressure.
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