Krutika Adani
Amid widespread market sell-off, ETH failed to hold the $3000 price level. The last time ETH was at this price level was before the SEC approved the Ethereum ETF.
The high Ethereum ETF outflows forced ETFs to sell Ethereum, further dragging the ETH price down to $2100 levels. Among all ETFs, Grayscale was the highest seller.
After selling nearly $2.2 billion worth of ETH, the Grayscale Ethereum Trust now sees a reduced outflow of $40 million yesterday.
In the last couple of days, Ethereum’s price has been stable because of net inflows in ETF.