Spot Ethereum ETFs recorded $29.9 million in collective net outflows. The outflows occurred on June 29 and continued a multi-day trend of institutional divestment.
BlackRock’s ETHA recorded a minor inflow of $5.9 million on that day. Overall market sentiment remains negative despite the individual gain for BlackRock.
Technical analysts identified a death cross on the weekly chart. This signal historically precedes sharp price declines for the asset.
Significant selling by large holders pushed Ethereum’s price to approximately $1,580. The price drop directly impacted ETHA’s performance and increased investor caution.