According to Coinglass, the US spot ETH ETFs recorded a staggering $465.10 million in net outflows on Monday, with BlackRock’s ETHA leading with $375 million. Unsurprisingly, the Ethereum price took a downswing, marked by a 6% dip over the past seven days.
Since its monthly high of $3.9, the ETH price has dropped to $3,500, with technical indicators suggesting further price downtrend. However, experts are optimistic about a bounce, especially with daily trading volume increasing (a 10% surge over the past 24 hours). Additionally, net inflows into ETH ETFs could be a bullish catalyst.
Moreover, active addresses (monthly) have surged to 8.5 million, indicating growing investor interest. Additionally, Token Terminal recorded a 50% increase in revenue over the past 30 days ($24.7 million), highlighting rising adoption of the smart contract platform. Hence, strong volume, plus net inflows into ETH ETFs, might be enough to drive a rebound.