Ethereum ETFs Bleed $70M As Selling Pressure Mounts

Ethereum is running into a wall of selling pressure this week. Spot exchange traded funds for ETH recently suffered a massive seventy million dollar loss in daily withdrawals. BlackRock led the pack in pulling funds out, catching many traders off guard and halting the recent price bounce.

At the same time, exchange inflows are rising. This means more investors are moving their coins onto trading platforms, usually a sign that they are getting ready to sell. When you combine ETF outflows with growing exchange deposits, the short term outlook for Ethereum starts to look a bit shaky.

Traders are now watching key support levels very closely to see if the bulls can hold their ground. If these outflows slow down and buyers step back in, ETH might find its footing again. Until then, caution is the name of the game for anyone trading Ethereum right now.