Ether ETFs log straight week of outflows, $796M pulled as price drops 10%

US-based spot Ether exchange-traded funds (ETF) have posted five straight net outflow days as the asset’s price slid around 10% over the week.

On Friday, spot Ether (ETH) ETFs closed the trading week with $248.4 million in daily outflows, bringing total weekly outflows to $795.8 million, according to Farside data.

Meanwhile, the price of Ether fell 10.25% over the past seven days, trading at $4,013 at the time of publication, according to CoinMarketCap data.

The last time spot Ether ETFs recorded five consecutive days of outflows was the week ending Sept. 5, when the asset’s price was trading around $4,300.

Staking anticipation lingers for spot Ether ETFs

Crypto analyst Bitbull said the Ether ETF outflow streak “is a sign of capitulation as the panic selling has been so high.”

Cointelegraph recently reported that retail participation appears to be waning for ETH. Net taker volume on Binance has remained negative over the past month, signaling persistent sell-side pressure.

It comes as industry anticipation is mounting over when the US Securities and Exchange Commission will approve staking as part of the spot Ether ETFs. 

On Sept. 19, it was reported that Grayscale is preparing to stake part of its significant Ether holdings, which may signal confidence that US regulators will soon permit staking within exchange-traded products.

Bitcoin ETFs are going “as good as you could possibly hope”

Meanwhile, spot Bitcoin (BTC) ETFs posted net outflows of $897.6 million over the same five days. It comes as Bitcoin’s fell 5.28% over the past seven days, trading at $109,551 at the time of publication. 

ETF analyst James Seyffart said in a podcast published on Thursday that Bitcoin ETFs haven’t “been perfectly hot the past couple of months,” but reiterated “they are the biggest launch of all time.”

Related: Bitcoin’s ‘biggest bull catalyst’ may be the next Fed chair pick: Novogratz

Seyffart added that Bitcoin ETFs are going “as good as you could possibly hope.”

“The amount of money that has come in here is unlike anything we have ever seen,” he said.

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