【Wall Street is pulling back on one front, while moving on-chain on another】
The most contradictory thing about ETH this month: ETFs are seeing outflows, yet JPMorgan has moved in.
People thought institutions no longer wanted Ethereum. Spot Ethereum ETFs saw net outflows of about $955 million from October 1–16, making this the biggest outflow month of the year, with BlackRock’s ETHA as the main seller.
But today, JPMorgan announced that it would bring its dollar deposit token, JPM Coin, to the Ethereum mainnet, enabling 24/7 on-chain payments and tokenized asset settlement for institutional clients. Last year, it launched on Base first.
My take: ETF flows reflect short-term sentiment, while banks moving settlement to mainnet points to long-term usage. The two aren’t mutually exclusive. But JPM Coin is only available to institutions and won’t enter DeFi, so it’s unlikely to translate directly into buying pressure in the short term.
ETH was trading at 2434 USDT on Binance at 16:29. If ETF outflows continue this week and the price falls below the recent 7-day low of 2318, this “long-term positive” won’t matter in the short term. I’ll keep watching and won’t rush to buy the dip.
Which matters more to you: ETF flows, or who’s using the chain?
Sources: Bloomberg, Cointelegraph
#以太坊 #ETF
📈 Top three contract gainers (16:40): $CT +24.57%｜$KORU +17.63%｜$BR +17.57%
#BinanceSquare
⚠️ The above is a summary of information and personal opinions, and does not constitute investment advice. DYOR.
The most contradictory thing about ETH this month: ETFs are seeing outflows, yet JPMorgan has moved in.
People thought institutions no longer wanted Ethereum. Spot Ethereum ETFs saw net outflows of about $955 million from October 1–16, making this the biggest outflow month of the year, with BlackRock’s ETHA as the main seller.
But today, JPMorgan announced that it would bring its dollar deposit token, JPM Coin, to the Ethereum mainnet, enabling 24/7 on-chain payments and tokenized asset settlement for institutional clients. Last year, it launched on Base first.
My take: ETF flows reflect short-term sentiment, while banks moving settlement to mainnet points to long-term usage. The two aren’t mutually exclusive. But JPM Coin is only available to institutions and won’t enter DeFi, so it’s unlikely to translate directly into buying pressure in the short term.
ETH was trading at 2434 USDT on Binance at 16:29. If ETF outflows continue this week and the price falls below the recent 7-day low of 2318, this “long-term positive” won’t matter in the short term. I’ll keep watching and won’t rush to buy the dip.
Which matters more to you: ETF flows, or who’s using the chain?
Sources: Bloomberg, Cointelegraph
#以太坊 #ETF
📈 Top three contract gainers (16:40): $CT +24.57%｜$KORU +17.63%｜$BR +17.57%
#BinanceSquare
⚠️ The above is a summary of information and personal opinions, and does not constitute investment advice. DYOR.