In a rough week for the new Spot Ethereum ETFs, the market saw big outflows adding up to $169.4 million. This week had many large daily changes in ETF flows, making things confusing for investors and analysts. Even though there were positive signs from big investors, the ETH price kept going down. Ether ETFs started the week badly, with $98.3 million in outflows. Grayscale’s ETHE had the largest outflow with $210 million. On the other hand, BlackRock, Fidelity, and Bitwise saw inflows of $58.2 million, $24.8 million, and $10.4 million, respectively. This set a negative tone for the rest of the week.
On Tuesday, July 30, the second trading day saw a rare positive turn for ETH ETFs, with $33.7 million in inflows. This was only the second time since the ETFs’ launch that inflows were positive. BlackRock led with $118 million in inflows, followed by Fidelity with $16.4 million. However, Grayscale’s ETHE still struggled, with $120.3 million in outflows. This mixed result showed cautious optimism in the market.
By midweek, on July 31, the negative sentiment returned, with Ethereum ETFs facing $77.2 million in outflows. Grayscale’s ETHE again led the negative trend with $133.3 million in outflows. Despite the overall downturn, BlackRock’s ETHA ETF managed to attract $5 million, and Fidelity’s FETH ETF saw $18.8 million in inflows.
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Mixed Fortunes for Ethereum ETFs Throughout the Week
However, Thursday brought some hope as Ethereum ETFs recorded their third positive day with $26.7 million in inflows. BlackRock continued its positive streak, bringing in $89.6 million, while Fidelity added $11.7 million. Despite these gains, Grayscale’s ETHE saw $78 million in outflows, crossing the $2 billion outflow mark since it started on July 23.
The week ended on another negative note for Ethereum ETFs, with $54.3 million in outflows, bringing the total outflows for the week to $169.4 million. Grayscale’s ETHE reported $61.4 million in outflows on Friday alone. However, Fidelity’s FETH ETF and Franklin Templeton’s EZET ETF recorded small inflows of $6 million and $1.1 million, respectively. Other ETFs, including BlackRock’s ETHA, reported no flows.
The outflows from the Spot Ethereum ETFs were reflected in the ETH price, which fell from $3,150 at the start of the week to $2,900 by Friday. This drop is significant and was influenced by both macroeconomic concerns and negative ETF flows. On Saturday, August 3, ETH experienced an additional 3% intraday decline, reaching $2,895.

Furthermore, ETH’s market capitalization dropped to $345.8 billion amid recession fears in the U.S. According to a recent Ethereum price analysis by Coingape, the daily chart shows ETH approaching a crucial support level within a flag pattern.
Whale Activity: Sign of Confidence in ETH?
This pattern, resembling a flag on a pole, indicates that the initial price surge (the pole) has been followed by a period of consolidation (the flag). If ETH rebounds from this support level, it could potentially lead to a 30% rally, testing the flag pattern’s resistance.
Breaking through this resistance could signal the end of the current correction and might push the price toward $5,000. The Relative Strength Index (RSI), nearing oversold levels, could also prompt buyers to drive a rebound. Recent on-chain data shows increased whale activity, suggesting strong belief in ETH’s potential. Lookonchain reports that a major investor purchased 2,424 ETH ($7.22 million) earlier this week and has accumulated a total of 19,436 ETH ($68.25 million) since May 29.
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