Ethereum Dips Below $2,500 Amid Subdued Derivatives Demand and Spot ETF Outflows
Ethereum traded below the $2,500 mark as cautious derivatives participation and ETF outflows counteracted modest spot accumulation.
Ethereum fell below the $2,500 threshold on Thursday, staying within a consolidation range between support at $2,431 and resistance at $2,544. Market activity reflected cautious sentiment among traders, with derivatives markets displaying limited leverage following late August's push toward $2,500.
While the dollar value of Ethereum open interest expanded by 54% to $33.7 billion since July 1, ETH's price rose 58% over the same timeframe, indicating that the higher valuation stemmed from asset appreciation rather than fresh capital inflows into futures. In terms of ETH volume, open interest fell by roughly one million tokens. Net taker volume also showed negative readings, signaling aggressive selling pressure in perpetual futures.
Modest spot market buying provided some counterweight, with exchange withdrawals marginally surpassing deposits over the past week. However, institutional demand softened, as US spot Ethereum exchange-traded funds registered $24.3 million in net outflows on Tuesday.
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