$ETH is bouncing, but the people who bought it through ETFs are not smiling.
Bloomberg's James Seyffart estimated that US spot Ether ETF buyers paid just under $3,200 per token on average. With ETH near $2,290 (Kraken, 24h range roughly $2,223-$2,303), that's about 28% underwater, an estimated $3.5B unrealized loss.
Flows tell the same story: US spot ETH ETFs lost $139.8M on Nov 2, the sixth straight day of outflows, with BlackRock's ETHA making up $138.3M of it. Last inflow was Oct 23. Weekly ETH ETF outflows were $431.5M, the largest of any major asset.
Levels traders are watching:
• $2,300: a daily close above it would shift short-term sentiment from cautious to neutral
• $2,200: the floor; the Oct 30 low was about $2,170-2,190
• $2,500: first real resistance
• $2,000: a break would likely bring forced selling
Catalyst: the US October jobs report on Nov 6. A soft print could ease Fed hike fears; a hot one keeps pressure on risk assets.
Risks: ETF holders who are down 28% may sell any rally toward breakeven, and ETH can slice through any level on a single headline.
Do you think the ETF outflow streak ends this week, or does $2,200 get tested again?
#ETH #Ethereum #ETFflows
Not financial advice.
Bloomberg's James Seyffart estimated that US spot Ether ETF buyers paid just under $3,200 per token on average. With ETH near $2,290 (Kraken, 24h range roughly $2,223-$2,303), that's about 28% underwater, an estimated $3.5B unrealized loss.
Flows tell the same story: US spot ETH ETFs lost $139.8M on Nov 2, the sixth straight day of outflows, with BlackRock's ETHA making up $138.3M of it. Last inflow was Oct 23. Weekly ETH ETF outflows were $431.5M, the largest of any major asset.
Levels traders are watching:
• $2,300: a daily close above it would shift short-term sentiment from cautious to neutral
• $2,200: the floor; the Oct 30 low was about $2,170-2,190
• $2,500: first real resistance
• $2,000: a break would likely bring forced selling
Catalyst: the US October jobs report on Nov 6. A soft print could ease Fed hike fears; a hot one keeps pressure on risk assets.
Risks: ETF holders who are down 28% may sell any rally toward breakeven, and ETH can slice through any level on a single headline.
Do you think the ETF outflow streak ends this week, or does $2,200 get tested again?
#ETH #Ethereum #ETFflows
Not financial advice.
