Spot Ether Exchange-Traded Funds (ETFS) recorded the fifth consecutive day of its spill this week, totaling $952 million and exceeding $787 million in four-day week alone.
Even if Bitcoin ETF saw $751 million in net spills, the withdrawal continued in a record August, when Spot Ether ETF pulled $3.87 billion, according to SoSovalue data.
Friday marked the sharpest decline, leaving $446.71 million with these eslinked funds behind. In contrast, the Spot Bitcoin ETF has recorded a net inflow of $246.4 million over the past week. The contrast is noteworthy as funds investing in the flagship cryptocurrency were seen in a net leak of $751.1 million last month.
Ether has risen more than 16% in the past month, but just below $4,300 last week. Cryptocurrency benefits from the law’s genius law, which limits stubcoin issuers from paying profits, providing clarity that could lead to more institutional investments.
That recent drawdown could be linked to broader benefits from risky assets. That comes after U.S. employment data spurred expectations with the Federal Reserve cutting interest rates later this month and growing fears about the recession.
Traders currently have an 89% chance of a 25 bps rate reduction following CME’s FedWatch tool, indicating an 11% chance of a 50 bps cut.
Cooling data, coupled with growing concerns surrounding economic uncertainty and geopolitical risks, surpasses the $3,600 mark for the gold price for the first time.
