BlackRock ETH ETF Sees First Outflow Amid 4.6% ETH Price Drop and Whale Accumulation
Ethereum (ETH) slid 4.6% to $2,368 on June 20—the lowest intraday level in nearly two weeks—after BlackRock’s Ethereum ETF (ETHA) recorded its first daily outflow of $19.7 million following 32 days of inflows or flat flows. Realized profits on ETH spiked to a monthly high of $656 million as traders seized the breakdown to lock in gains. Meanwhile, an on-chain whale or institution spent $295 million USDC to purchase 115,465 ETH at an average price of $2,555, building on prior aggressive accumulations since June 11 that totaled 132,000 ETH for $336 million USDC. Despite an unrealized loss of $15 million, this buying underscores renewed bullish conviction. However, rising leverage, shrinking ETF inflows and the recent price drop heighten concerns over Ethereum’s near-term support. A breach of the next key zone could trigger rapid deleveraging, testing ETH’s resilience and trader sentiment.
Bearish
The combination of a notable 4.6% ETH price drop and BlackRock ETH ETF’s first outflow in 32 days signals mounting selling pressure. Although whale accumulation demonstrates underlying confidence, rising leverage and reduced ETF inflows suggest limited near-term support. These factors make a bearish outlook more likely in the short term, as a breach of key support could trigger rapid deleveraging and exacerbate downward momentum.