TechFlow news, according to Cointelegraph, despite initial optimism surrounding the launch of spot Ethereum ETFs, it has been followed by ETH sell-offs and price declines. The latest research report from 10x Research shows this selling trend resembles previous patterns seen during the rollouts of crypto ETFs, including Bitcoin. Markus Thielen, founder of 10x Research, noted that while many traders expected Ethereum ETFs to capture 20% of Bitcoin ETF inflows, they overlooked potential multi-billion dollar outflows from Grayscale and seasonal market weakness.
Furthermore, the timing of the spot Ethereum ETF launches coincided with the first BTC distributions from Mt. Gox, further intensifying market selling pressure. The report indicated that Grayscale’s $9 billion Ethereum exchange-traded note (ETN) saw outflows of $481 million and $326 million in its first two days, while Bitwise recorded $204 million in inflows on day one, primarily from Pantera Capital. Despite mixed market sentiment, Pantera’s swift selling of its “seed investment” suggests a lack of confidence in sustained growth.
