Grayscale ETHE Outflows Down ~80% This Week, Is the Selling Almost Over?

Grayscale ETHE outflows this week are down almost 80%. Monday: 108.8K ETH ($367.6M) sent to Coinbase Friday: 24.9K ETH ($78.4M) sent to Coinbase Is the selling almost over?

Ethereum (ETH) price has been battered since the debut of exchange-traded funds (ETFs) on July 23, with Grayscale’s Trust (ETHE) registering over $2 billion in outflows.

This massive selling pressure, as reported by Finbold, has been a key factor in ETH’s recent price performance, with the selling now appearing to be "almost over."

According to a report by Arkham Intelligence, there has been a significant 80% drop in ETHE outflows during the week.

"Grayscale ETHE outflows this week are down almost 80%. Monday: 108.8K ETH ($367.6M) sent to Coinbase. Friday: 24.9K ETH ($78.4M) sent to Coinbase. Is the selling almost over?"

ETH spot ETF net flow: Grayscale’s ETHE trust leads in outflows

Meanwhile, data from CoinGlass, retrieved by Finbold on August 3, shows the net flow of all ETH ETFs trading in the United States.

Overall, Grayscale’s ETHE has registered outflows to the tune of $2.12 billion, while the other eight trusts have seen inflows amounting to $1.60 billion.

BlackRock's (NYSE: BLK) iShare Ethereum Trust (ETHA) leads the pack with a net inflow of over $700 million. It is followed by Fidelity (FETH) and Bitwise (ETHW) with $297.10 million and $287.90 million, respectively.

Such a massive selling spree from Grayscale has resulted in a negative net inflow of $511.20 million despite all the other funds heavily buying up ETH’s native token.

ETH price analysis: strong support, waiting for a breakout

ETH's price is currently hovering around $2,986, testing strong yearly support and still showing a YTD increase of 31%. This performance has attracted both institutional and retail investors to the Ethereum ecosystem, now awaiting a breakout.

Whether ETH will bounce back from support will depend on the micro and macroeconomics surrounding cryptocurrencies.

Interestingly, winning Ethereum traders have been showing optimism, accumulating millions of dollars of the token, as reported by Finbold.

Grayscale's selling spree could have played a role in this cryptocurrency's price performance. Hence, this pressure ending could work favorably for Ethereum, possibly triggering the anticipated bull run.