Ethereum ETFs Outflow Four Day Straight: ETH Price Stalls

After months of consistent inflows, the US spot Ethereum ETF market shows signs of a changing tide, with capital flowing out for the fourth consecutive trading day.

According to the on-chain data service platform Soso Value, the US spot Ethereum ETF market experienced a net outflow of $167.41 million on Thursday, bringing the price of ETH to a close of $4,275.

ETHA Stands Alone with Inflows: All Others Outflow

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The primary driver of the outflows was Fidelity’s FETH, which saw a staggering $216.68 million in investment capital exit the fund. Bitwise’s ETHW also recorded a significant net outflow of $45.66 million. BlackRock’s ETHA was the only fund to maintain a positive flow, which saw a net inflow of $148.8 million.

This marks the fourth straight day of outflows for the Ethereum spot ETF market. The trend began on August 29 with a net outflow of $164.64 million, followed by $135.37 million on September 2, and $38.24 million on September 3.

DAT Companies Continue Accumulation

For the past five months, a surge in capital from spot ETFs and aggressive buying by Digital Asset Treasury (DAT) companies acted as two key engines, driving Ethereum’s price up by more than 2.5 times its previous low.

While ETF flows have reversed, DAT companies show no signs of slowing down. Bitmine, the public company with the most extensive ETH holdings, purchased 78,000 ETH on August 28 and another 74,300 on Tuesday. SharpLink Gaming bought 39,000 ETH on the same day, while The Ether Machine accumulated 150,000 ETH on Tuesday.

Despite the continued buying from institutional players, the recent four-day outflow from spot ETFs has coincided with a 1.4% drop in the ETH price. This suggests that the ETF outflows weigh heavily on short-term investor sentiment, creating a stalemate in a price that has otherwise seen a strong rally for months.

All eyes are now on Friday’s US Non-Farm Payroll (NFP) report. Should the NFP figures fall below expectations, it could revive hopes that the Federal Reserve will embark on consecutive interest rate cuts. The market is now waiting to see if this macroeconomic signal can reverse the outflow trend and reignite the Ethereum spot ETF market.