Ethereum nears $1,580 as U.S. spot ETF outflows extend
ETH traded near a closely watched technical level on June 29 while U.S. spot Ethereum ETFs logged $30.043 million in net outflows for an eighth straight trading day, amid signs of institutional rebalancing and accumulation.
Ethereum traded around $1,580 on June 29, holding near a key technical level for a fourth straight day as the market balanced signs of institutional accumulation against continued selling pressure from U.S. spot ETF withdrawals. Spot Ethereum ETFs recorded $30.043 million in net outflows, extending their streak of withdrawals to eight consecutive trading days. While the fresh outflows point to weaker near-term fund demand, the available framing suggests they may reflect institutional rebalancing rather than a definitive exit from crypto funds.
- spot ETFs: Funds that directly hold the underlying asset.
- net outflows: A period in which more money exits a fund than enters it.
- institutional rebalancing: Large investors adjusting portfolio allocations rather than necessarily abandoning an asset class.