Ethereum Price Drops to Crucial Support as ETF Selling Spree Continues

Ethereum (CRYPTO: ETH) price has lost momentum and crashed to a crucial support level as American investors continued to book profits after the recent rally. ETH token retreated to the important support level of $2,461, its highest point in May this year.

Ethereum Price Falls as ETF Outflows Jump

American investors are selling their Ethereum ETFs, possibly as they book profits after the recent rally that pushed it from a low of $1,516 in June to a high of $2,806. 

SoSoValue data shows that these funds had over $56 million in outflows on Friday, the ninth consecutive day of outflows. In total, these funds have had over $634 million in outflows this month, a big reversal from what happened in the last three months.

Spot Ethereum ETFs had over $365 million in inflows in July, followed by $1.85 billion in August. After that, they added $832 million in inflows last month, with BlackRock’s ETHA and ETHB being some of the top gainers. 

The ongoing ETF outflows has coincided with the falling staking inflows. There are now 43.85 million staked tokens, a largely unchanged figure since October 1. Ethereum has a staking ratio of 35.9% and a reward rate of 2.55%.

Other cryptocurrencies have had outflows this month. Bitcoin (CRYPTO: BTC) funds have lost over $388 million in assets this month after adding $2.65 billion in September and $3.52 billion in October. Similarly, spot Solana (CRYPTO: SOL) funds have lost over $29.4 million this month.