Key Notes

• Despite the minor selloff, ETHA’s holdings remain significant at 1.677 million ETH, with assets under management exceeding $4.04 billion.
• The ETHA share price dropped 3.3% to $18.27, while Ethereum’s price declined 4.2% amid escalating Iran-Israel tensions.
• On the other hand, Ethereum staking has reached an all-time high of over 35 million ETH, accounting for 28.3% of the total supply.

Following massive and continuous inflows over the past 30 trading sessions, BlackRock Ethereum ETF (ETHA) witnessed its first outflow of over $19 million since May 7. The asset manager sold a total of 8140 ETH yesterday, while its total holding still stands at 1.677 million Ethereum.

Of course, the selloff is very minor in comparison to the total quantity held; however, it represents a shift in the institutional sentiment. Yesterday’s selloff comes as the ETH price drops another 4.2%, falling below the crucial support level of $2,500 amid escalating tensions between Iran and Israel.

BlackRock Ethereum ETF (ETHA) Shares Drop 3%

BlackRock iShares Ethereum Trust (ETHA) saw its first outflows after 30 consecutive days of inflows on June 20. As a result, the ETHA share price tanked another 3.3%, slipping all the way to $18.27%.

As per the official BlackRock website, the iShares Ethereum Trust (ETHA) now has assets under management of over $4.04 billion, with its total ETH holdings standing at 1.677 million. With continuous inflows over the past few weeks, ETHA also surpassed more than $5 billion in net inflows since inception, hitting a new milestone.

While BlackRock’s ETHA saw $19 million of outflows, Grayscale ETH saw over $6.6 million in inflows. Thus, the net outflows across all US ETF issuers dropped to $11.6 million. Despite yesterday’s outflows, Ethereum ETF inflows have shown consistent growth, increasing for six consecutive weeks and marking gains in eight of the past nine weeks.

On the other hand, market experts continue to be hopeful of staking on Ethereum ETF. Nate Geraci, a prominent ETF analyst, outlined the advantages of liquidity tokens like stETH in addressing key challenges for spot Ethereum ETFs. Geraci wrote:

“Liquidity tokens such as stETH solve two major issues for spot ETFs. First, they ensure liquidity, which is crucial when ETFs face significant redemptions, as unstaking ETH takes time. Second, they offer higher yield potential by enabling a greater percentage of fund assets to be staked.”

ETH Price Drops 4% Amid Geopolitical Tensions

Amid the escalating war between Iran and Israel in the Middle East, the Ethereum (ETH) price has dropped by 4.22% in the last 24 hours and is currently trading at $2,440 levels. Crypto analyst Ali Martinez has identified a crucial support zone for Ethereum (ETH) between $2,368 and $2,445. According to Martinez, this range represents a significant accumulation area where approximately 2.37 million addresses collectively hold over 65 million ETH.

On the other hand, the Ethereum exchange supply has been dropping as the total number of staked Ethereum has been on the rise. Staked Ethereum (ETH) has surged to a new all-time high, surpassing 35 million ETH locked, which now represents over 28.3% of the total supply. As liquid ETH supply diminishes, a growing number of Nasdaq-listed companies are incorporating cryptocurrencies into their treasury strategies.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Author
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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