【ETH is oversold, but big money is still flowing out】
The daily RSI is down to just 25, so many people think ETH is due for a rebound. But Wall Street money has barely stopped flowing out this month.
As of October 16, U.S. spot Ethereum ETFs had seen cumulative net outflows of around $955 million this month—the biggest monthly outflow so far this year.
Most of that came from BlackRock’s ETHA: last week, it accounted for 93% of net outflows from Ethereum ETFs, and it has now gone 14 consecutive trading days without a single day of net inflows.
The price hasn’t collapsed, though: ETH was at 2,418 on Binance at 18:35, with a 7-day low of 2,318. Retail traders in futures are still crowded on the long side, with a long-to-short account ratio of 2.64.
My take: being oversold doesn’t mean the bottom is in. Until ETF outflows stop, a rebound looks more like a pressure release than a reversal. I’d first watch to see whether 2,318 holds; if it breaks, don’t rush to buy the dip.
What would invalidate this view: ETHA starts seeing consecutive net inflows again, while ETH climbs back above its 7-day high of 2,539. I’d admit I was wrong—that would suggest institutional selling pressure has been exhausted.
Do you think ETF inflows will return first, or will the price bottom first?
Source: Cointelegraph, SoSoValue
#以太坊 #ETF
📈 Top three futures gainers (18:35): $BR +18.59%｜$KORU +16.70%｜$UNITREE +14.82%
#BinanceSquare
⚠️ The above is a summary of information and personal opinion, and does not constitute investment advice. DYOR.
The daily RSI is down to just 25, so many people think ETH is due for a rebound. But Wall Street money has barely stopped flowing out this month.
As of October 16, U.S. spot Ethereum ETFs had seen cumulative net outflows of around $955 million this month—the biggest monthly outflow so far this year.
Most of that came from BlackRock’s ETHA: last week, it accounted for 93% of net outflows from Ethereum ETFs, and it has now gone 14 consecutive trading days without a single day of net inflows.
The price hasn’t collapsed, though: ETH was at 2,418 on Binance at 18:35, with a 7-day low of 2,318. Retail traders in futures are still crowded on the long side, with a long-to-short account ratio of 2.64.
My take: being oversold doesn’t mean the bottom is in. Until ETF outflows stop, a rebound looks more like a pressure release than a reversal. I’d first watch to see whether 2,318 holds; if it breaks, don’t rush to buy the dip.
What would invalidate this view: ETHA starts seeing consecutive net inflows again, while ETH climbs back above its 7-day high of 2,539. I’d admit I was wrong—that would suggest institutional selling pressure has been exhausted.
Do you think ETF inflows will return first, or will the price bottom first?
Source: Cointelegraph, SoSoValue
#以太坊 #ETF
📈 Top three futures gainers (18:35): $BR +18.59%｜$KORU +16.70%｜$UNITREE +14.82%
#BinanceSquare
⚠️ The above is a summary of information and personal opinion, and does not constitute investment advice. DYOR.