Ethereum Don Hit $500M ETF Outflows And $10B OI Dip
Ethereum knack sharp pullback afta e no fit reclaim $3,900, dis way cause $10 billion drop for open interest for ten days. Ethereum ETF dem outflows hit record $500 million inside one session, meaning dem don shift from steady inflow for July to early distribution. Price drop near 10% come around $3,600 before e bounce back small 4%, but resistance still dey above $3,900.
Institutional flow dem no gree: BlackRock add 23,000 ETH for the dip, while Fidelity move near 15,000 ETH go Coinbase Prime, probably to take profit. Whale address drop by 164 for 30 days, so large holder no too dey participate. Liquidity gap dey near $3,500, e fit cause liquidation risk if sales increase.
Overall, steady ETF withdrawals and first weekly red candle for months show bearish short-term outlook. Traders suppose watch spot demand, whale behavior, and any fresh institutional inflows for signs wey fit show reversal.
Bearish
Dem exit for ETF gwa $500 million, $10 billion fall for open interest plus Ethereum first weekly red candle in few months show say selling pressure strong. Near 10% pullback reach $3,600 and failure to break pass $3,900 confirm say resistance dey gidigba. Decline of 164 whale addresses plus liquidity gap near $3,500 increase liquidation risk if selling no stop. Although BlackRock buy 23,000 ETH fit give small support, constant outflows and falling open interest show say market sentiment dey bearish. For short term, traders gats prepare say more wahala and possible price fall go key support at $3,500. Any medium term recovery go depend on fresh institutional inflows and stronger spot demand to balance the ongoing profit-taking.