Ethereum ETFs Shine Amid Market Volatility
U.S Spot Ethereum [ETH] ETFs have demonstrated resilience in the face of heightened market volatility, outperforming Bitcoin ETFs during a recent risk-off move. Institutional investors showed their confidence in ETH by pouring $11.26 million in inflows on 5 June, marking 16 consecutive days of positive inflows for ETH ETFs.
On the other hand, Bitcoin ETFs experienced daily outflows of $278.44 million, highlighting the preference for ETH among institutional investors during the mid-week spike in market volatility. Despite the institutional demand, ETH saw a 7% drop amidst the broader risk-off move.
Assessing ETH’s Price Recovery
ETH’s price dipped from $2.6k to $2.39k before reclaiming $2.4k at press time. Profit-taking surged to $454 million on the same day, with leveraged traders experiencing $256 million in forced liquidations in the past 24 hours. However, overall selling pressure has decreased, as indicated by the seller exhaustion constant indicator dropping to levels last seen in April, signaling a buy and low-risk zone for ETH.
Trader Income Sharks pointed out that ETH is still on an uptrend after defending the $2.3k low range, with potential to retest $3k. Renewed interest in ETH, particularly from ETH treasury companies, suggests a possible move towards the $3k psychological level in the mid-term.
Short-Term Caution Among Traders
Despite the positive outlook for ETH, traders have been cautious in the short term. Options market insights revealed a spike in demand for bearish bets or hedging over bullish bets, with the 1-week and 3-month tenors showing sharp spikes in the 25 Delta Skew indicator. This cautious sentiment among traders is likely a response to the Musk-Trump drama and potential price declines.
Although the 1-week 25 Delta Skew indicator dropped from 5% to 3% at press time, traders remain wary despite a relief bounce to $2.4k ahead of the weekend. The market remains uncertain, and traders are closely monitoring developments to navigate the volatility in the cryptocurrency space.
Overall, Ethereum ETFs have proven to be a resilient investment option amidst market fluctuations, with institutional investors showing a strong preference for ETH over Bitcoin. As the market continues to evolve, it is essential for traders to stay informed and exercise caution in their investment decisions. The Importance of Mental Health Awareness
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