Ethereum News: BlackRock's ETF Has Shed $1.3 Billion of ETH in a Month. Can Ethereum Hold Its $2,170 Low? - 24/7 Wall St.
Authoritative Financial News · Since 2006
Markets
- S&P 500: 7,557.60 (-0.07%)
- Dow Jones: 51,906.00 (-0.25%)
- Nasdaq 100: 28,139.20 (+0.11%)
- Russell 2000: 2,813.01 (-0.02%)
BlackRock’s ETF Has Shed $1.3 Billion of ETH in a Month
BlackRock's Ethereum ETF (NASDAQ: ETHA) has been offloading ETH at a rapid pace, selling 580,145 ETH worth approximately $1.3 billion in one month, as Ethereum (CRYPTO:ETH) dropped 16% to trade at $2,267.
Key Points:
- Ethereum's Decline: ETH dropped from a 30-day high of $2,726 on October 4 to a low of $2,170 by October 30.
- ETHA Sales: The fund continued to sell as redemptions totaled $432 million in the last week alone, with net assets falling 30% to $6.9 billion.
- Binance Hack: A North Korea-linked Binance hack on October 29 drained $6.4 billion, adding to selling pressure.
- Corporate Buyers: Despite the decline, BitMine's buying pace would accumulate roughly 37,000 ETH monthly, indicating limited impact from the ETF sales.
Who is Selling and Buying?
- Selling: BlackRock’s ETHA due to consecutive redemptions.
- Buying: BitMine, accumulating roughly 37,000 ETH monthly.
Can Ethereum Hold $2,170?
The recent ETF sales and the Binance hack pose a threat to the $2,170 price floor for Ethereum. However, corporate buyers like BitMine may provide some support. The overall market sentiment remains crucial in determining Ethereum's ability to hold this level.