The spot of funds traded on Ethereum Exchange continued to cut assets as the risk of a US recession increased and its prices crashed.
Sosovalue data shows that Spot Ethereum (Eth) ETFs have flowed assets for the past seven consecutive weeks. They had a net flow of $82.4 million last week, bringing the cumulative inflow to $2.2 billion.
Today, all ETFs have only $5.25 billion in assets, with BlackRock’s Etha and Grayscale’s Ethe each leading $1.85 billion. Grayscale’s Mini Fund ETH continues at $7111 million, while Fidelity’s Feth has $580 million.
In contrast, the Spot Bitcoin ETF is getting better, with cumulative outflows exceeding $35 billion and total assets of $93 billion.
Ethereum ETF has reduced assets due to its performance. ETH prices fell almost 62% from their highest point last November to their current $1,655.
Source: Coingecko
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This year, Ethereum remained significantly lower than its all-time high of $4,872, unlike Bitcoin (BTC), which has risen to the new all-time high of Bitcoin (BTC). Worse, the $1,000 invested in Ethereum on the same day in 2022 is worth $745, while the similar amount allocated to Bitcoin is $1,400.
Ethereum has faced several challenges in the past. Most importantly, we face significant competition with Layer 1 and Layer 2 networks. Some of the most notable competitions are from Solana (Sol), Base, Tron (TRX), and Arbitrum (ARB).
This competition means that Ethereum is no longer a profitable chain in the crypto industry. The data shows that other popular chains and apps such as Uniswap, Jito, and Solana have passed it this year.
Ethereum price technology analysis
ETH/BTC Price Chart | Source: crypto.news
ETH prices look bad, but ETH/BTC prices have deteriorated. The above weekly chart shows that the ETH/BTC pair is falling into a strong decline, moving from 0.088 in 2021 to 0.0188. As Ethereum’s dominance faded, it hit a low point in five years.
The pair remains much lower than all moving averages, but the mean directional index has skyrocketed to 44. ADX is a common indicator used to measure trend intensity.
So the pair could continue to plummet as sellers targeted key support at a lowest level of 0.016 in September 2019, dropping 92% from the current level.
read more: The price of eth/btc is the first drop in four years, and the bearish pattern suggests a record drawback
