ETH spot ETFs saw net outflows of $365 million last week, marking their sixth consecutive week of outflows.
But looking at that number alone can give you the wrong idea. BTC ETFs saw $1.282 billion in outflows that same week—three and a half times as much as ETH.
There’s a twist here worth mentioning. On November 2, I wrote that ETH had shed $432 million in a week while BTC shed $203 million. ETH’s outflows were twice BTC’s, and I said ETH was weaker than Bitcoin—you could see it in the fund flows, too. Two weeks later, things have completely reversed.
So don’t use ETF outflows to explain why ETH is weak anymore. BTC was clearly hit harder last week, yet ETH fell further. Those two things don’t add up, which tells us ETH’s problem isn’t with the ETF channel.
The ratio is what really shows where it’s weak. ETH/BTC has fallen from 0.0326 in mid-September to 0.0286, a 12% drop in four months. Today ETH fell more than 4%, while BTC was down 1.5%—again, about three times as much.
That ratio shows ETH’s true situation. It’s not just falling along with the broader market; it’s consistently losing ground to Bitcoin.
So here’s the bottom line: ETH is at $2,131 now. If you want to see whether it can turn things around, don’t keep your eyes on the ETF table—watch the ETH/BTC ratio. Once it stops falling and gets back above 0.030, then we can talk about whether it can lead the rally. Until then, it’s just an asset that falls with the market but doesn’t rise with it.
There’s renovation work going on downstairs. The power drill hasn’t stopped all afternoon.
BTC is at $74,576 now, with the 50-week moving average at $75,535, 959 points above the current price. CPI is tomorrow night at 9:30. #以太坊现货ETF周净流出3点65亿美元
But looking at that number alone can give you the wrong idea. BTC ETFs saw $1.282 billion in outflows that same week—three and a half times as much as ETH.
There’s a twist here worth mentioning. On November 2, I wrote that ETH had shed $432 million in a week while BTC shed $203 million. ETH’s outflows were twice BTC’s, and I said ETH was weaker than Bitcoin—you could see it in the fund flows, too. Two weeks later, things have completely reversed.
So don’t use ETF outflows to explain why ETH is weak anymore. BTC was clearly hit harder last week, yet ETH fell further. Those two things don’t add up, which tells us ETH’s problem isn’t with the ETF channel.
The ratio is what really shows where it’s weak. ETH/BTC has fallen from 0.0326 in mid-September to 0.0286, a 12% drop in four months. Today ETH fell more than 4%, while BTC was down 1.5%—again, about three times as much.
That ratio shows ETH’s true situation. It’s not just falling along with the broader market; it’s consistently losing ground to Bitcoin.
So here’s the bottom line: ETH is at $2,131 now. If you want to see whether it can turn things around, don’t keep your eyes on the ETF table—watch the ETH/BTC ratio. Once it stops falling and gets back above 0.030, then we can talk about whether it can lead the rally. Until then, it’s just an asset that falls with the market but doesn’t rise with it.
There’s renovation work going on downstairs. The power drill hasn’t stopped all afternoon.
BTC is at $74,576 now, with the 50-week moving average at $75,535, 959 points above the current price. CPI is tomorrow night at 9:30. #以太坊现货ETF周净流出3点65亿美元
